- Delivery management platform company FarEye raised $100 million in Series E funding. These are the details.
FarEye — a leading end-to-end global delivery management platform — announced recently that it has raised a $100 million Series E round of funding led by TCV and Dragoneer Investment Group. And existing investors Eight Roads Ventures, Fundamentum, and Honeywell also participated in the round.
This funding round will be used to accelerate the company’s mission of empowering brands in providing an Amazon Prime-like delivery experience and redefine how products are delivered across diverse logistics networks. And FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent. As part of the deal Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
Launched in the year 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye is addressing a multi-billion dollar delivery management market that continues to show double-digit year on year growth.
FarEye’s intelligent platform is used by brands to launch and champion multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. And more specifically, FarEye enables enterprise companies to:
— Manage the end-to-end process of delivering goods or services to consumer and enterprise customers across both third party and in-house fleet models
— Provide end-customers with a positive delivery experience, all while significantly lowering logistics costs and giving unparalleled visibility and control across the entire process
— Utilize a highly modular and cloud-native and low-code platform – which allows clients to build individualized workflows to suit their unique delivery requirements while ensuring the fastest time to value
— Handle enterprise-scale volumes and compliance requirements
FarEye currently serves global enterprises across retailers, manufacturers, and third-party logistics providers and carriers, including DHL ecommerce, Amway, Dominos, Walmart, Posti, Gordon Foods, UPS, etc.
The company’s platform processes more than 100 million transactions each month, supports more than 25,000 drivers and is integrated into a network of over 2 million vehicles. And FarEye’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. Plus these markets collectively comprise over half of the revenues and have grown nearly three times in the same period.
To support the continued expansion, FarEye has also hired a number of senior executives over the last year including a new CRO Amit Bagga (formerly President of APAC at BlueYonder and strategic sales leader at Oracle) and a new CPO, Suvrat Joshi (former executive at Dropbox, Amazon, Facebook, Microsoft).
“We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management,” Kushal Nahata, CEO and co-founder of FarEye, said. “The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally.”
— Kushal Nahata
“The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer. We, at TCV, are pleased to partner with Kushal, Gaurav, Gautam and the entire management team. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.”
— Gopi Vaddi, General Partner at TCV
“FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers and 3PLs. We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.”
— Eric Jones, Partner at Dragoneer Investment Group