Supply chain issues have plagued the world since the pandemic, and there are still problems going on. That’s where companies like Shippeo help, offering real-time supply chain visibility into transportation and insights that help unlock the full potential of supply chains. The platform currently monitors over 28 million loads per year and connects to more than 875 TMS and telematics systems in 92 countries. Now, with an additional $40 million in funding, Shippeo plans to accelerate supply chain resilience as it works to help more carriers gain the insights they need to keep things running smoothly. You can read more in the press release below.
Shippeo, a global leader in real-time multimodal supply chain transportation visibility, today announced a record-breaking fundraising round of $40 million, increasing investment to date to over $110 million, while raising the company’s global expansion of its best-in-class visibility platform.
All existing investors took part in the new round, including Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io, along with new Hong Kong-based strategic investors LFX Venture Partners and Yamaha Japan-based Motor Ventures, whose investment will help to strengthen operations across the Asia-Pacific.
The investments will support Shippeo’s mission to help shippers and carriers operate more collaborative, automated, sustainable, profitable, and customer-centric supply chains, leveraging global partner networks, real-time data and AI to enable greater ecosystem collaboration. Considered by many companies to be the heart of their operations, supply chains can now benefit from highly accurate, real-time operational visibility and perfect workflow orchestration, which has become essential for dealing with unprecedented create challenges, uncertainties, and financial fallout from the disruption that organizations face. to deal with.
“Given the challenging economic climate we are in, the fact that each of our existing investors has taken the opportunity to reinvest is a strong vote of confidence in us, thanks to our large growth rate and enviable level of customer satisfaction that we have managed to maintain,” explains Shippeo CEO Pierre Khoury. “Benefiting from the addition of several notable new investors, this fundraising round is the largest ever for a supply chain visibility software in Europe, helping us strengthen our sound financial position for many years to come, and accelerate our continued expansion in North American and APAC, while giving customers and partners confidence in the longevity potential of our partnership.”
Amazing growth trajectory
Over the past 12 months, Shippeo’s company valuation has grown by 70%, with a lean cash-burning strategy helping to maintain a secure financial position and clear path to profitability. Over the past 3 years, Shippeo has expanded from a regional leader to a global leader in real-time cargo visibility, growing subscription revenues 80% year over year, and adding 150 global enterprise-level customers on its books, including Coca-Cola HBC , Renault, AkzoNobel, Philip Morris International, and Jaguar Land Rover. At the same time, the company keeps churn rates below 4%.
Having launched in the North American market earlier this year, Shippeo’s expansion maintains momentum through a recently announced partnership with e2open (NYSE: ETWO), the connected supply chain SaaS platform with the largest multi-enterprise network . Shippeo’s carrier network has also grown to more than 150,000 worldwide, with active cargo tracking in 92 countries, on all continents, including complex tracking regions such as the Middle East, Africa and Asia Pacific.
Supporting the growth is a tripling of team size to more than 220 people. The company has hired several world-class executives, including London-based Anand Medepalli as Chief Product Officer, previously at BlueYonder and ServiceNow, Paris-based Philippe van Hove as Chief Revenue Officer, previously at Zuora and Lacework, and San Francisco- based Chris Mazza as SVP of International Growth, previously at ClearMetal.
Most recommended provider
Shippeo has a 94% recommendation rate* as of 20 October 2022, according to customer reviews in Gartner® Peer Insights™. Shippeo was also recently positioned farthest and highest in Ability to Execute and Completeness of Vision in the Challengers quadrant of the 2022 Gartner® Magic Quadrant™ for Real-time Transportation Visibility Platforms.
The company was also recognized as a global industry leader in the G2 Fall 2022 Grid Report for Supply Chain Visibility for the fourth consecutive time, based on high customer satisfaction scores and large market presence. In the same report, Shippeo was voted one of the easiest platforms to use, with 98% of users rating the platform four or five out of five stars.
Best-in-class data quality, capabilities, and user experience
Shippeo’s ambition is to be the leading supply chain operating system, enabling fully automated and sustainable supply chains worldwide, offering the highest data quality and ETA accuracy available on the market. Earlier this year, Shippeo announced several major product developments that offer new features and capabilities for customers. It includes an enhanced world-class ocean tracking solution, with an exceptional user experience and powerful tracking capabilities, as part of the first truly unique platform available on the market for end-to-end tracking -end shipping in all transport modes. Shippeo also debuted a new carbon visibility dashboard to simplify CO2 monitoring emissions from transportation and distribution activities for both shippers and carriers. At the same time, ETA’s freight tracking accuracy has been boosted by a giant 32% and rail visibility capabilities enhanced through a new partnership with leading rail and intermodal transport management system provider Everysens.
Michael Brown, General Partner at Battery Ventures, is pleased with Shippeo’s prospects. “We see a bright future for Shippeo. The fact that the company continues to attract and deliver for such high caliber enterprise-level customers is a testament to their team’s focus on customer centricity from product development, to solution consulting, -deployment, and support. What is more remarkable is that they have managed to achieve a leadership position in the market with relatively lower funding and better cash efficiency compared to some of their direct competitors, due to strong leadership and the highly competent team which they attracted.
The original press release with more details can be found on Business Wire.
Spencer Hulse is a news desk editor at Grit Daily News. He covers startups, affiliate, viral, and marketing news.