FarEye completes US$100m funding round

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FarEye, an end-to-end, global delivery management platform, has announced a US$100m Series E round of funding led by TCV and Dragoneer Investment Group. Existing investors Eight Roads, Fundamentum and Honeywell also participated in the round.

According to the company, the funds will be used to accelerate its mission of empowering brands to provide Amazon Prime-like delivery experiences and redefine how products are delivered across diverse logistics networks. It will also focus on expanding its software platform capabilities, drive European and North American expansion and continue to attract new talent. As part of the transaction, Gopi Vaddi, general partner at TCV, will join FarEye’s board of directors.

“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,” said Kushal Nahata, CEO and co-founder of FarEye. “The funding is very timely for the delivery and logistics sector as we have seen consumers spending US$861bn online with US retailers in 2020, up 44% from US$598bn in 2019. The growth and the digital transformation in the logistics sector have 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 reimagine how deliveries are being managed globally.”

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 and more.

The company claims its platform processes over 100 million transactions each month, supports more than 25,000 drivers and is integrated into a network of over two million vehicles. Its growth has accelerated over the last 12 months, with particularly strong traction in Europe and North America.

To support continued expansion, FarEye has also hired several senior executives over the last year including a new CRO, Amit Bagga (formerly president of APAC at Blue Yonder and strategic sales leader at Oracle), and a new CPO, Suvrat Joshi (former executive at Dropbox, Amazon, Facebook and Microsoft).

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Lawrence has been covering engineering subjects – with a focus on motorsport technology – since 2007 and has edited and contributed to a variety of international titles. Currently, he is responsible for content across UKI Media & Events' portfolio of websites while also writing for the company's print titles.

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