Series B led by August Capital brings total funding received to $51M
CHICAGO - FourKites, the fastest-growing predictive supply chain platform, today announced $35 million in Series B funding to further its geographic and product expansion. August Capital led the round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners. Eric Carlborg, general partner at August Capital, will join the FourKites board.
FourKites has grown revenue by 400 percent over the last 12 months and is now the undisputed market leader, signing large shipper customers at a rate of one per week. The company recently signed international deals with Unilever for supply chain tracking across Europe, and with AB InBev in South Africa. Other FourKites customers include many of the world’s largest shippers – Best Buy, Conagra Brands, Kraft Heinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods, among others.
“Using FourKites has improved our on-time performance by 8 percent, and helped us provide world-class customer service,” said Dennis Organ, senior vice president of supply chain at Smithfield Foods, the world’s largest manufacturer of pork. “We were one of the early adopters of FourKites, and we recognized quickly that this technology would help us transform our supply chain.”
“We partnered with FourKites to gain a real-time view of our supply chain that would enable us to deliver outstanding customer service amid tightening delivery windows,” said Craig Weiss, vice president of supply chain at Conagra Brands. “The predictive visibility we're now getting from FourKites is driving more nimble decision-making across our supply chain."
Powered by the industry’s largest network of real-time shipment location data, FourKites uses connections to more than four million GPS devices and a proprietary algorithm to provide precise arrival time predictions and real-time recommendations. Enterprise shippers use deep analytics from FourKites to make immediate decisions that improve on-time delivery rates, strengthen end-customer relationships and optimize supply chain operations.
While FourKites has grown its customer base and network exponentially, it has also expanded tracking coverage to Europe and South America, and to include shipments moving by ocean, rail and parcel, in addition to truckload and less-than-truckload (LTL), as well as real-time trailer temperature and condition monitoring. The company has also added robust analytics and benchmarking capabilities to provide shippers with actionable business insights.
“Our goal since day one has been to deliver measurable value for our customers by reimagining the way technology can transform their global supply chains,” said Mathew Elenjickal, FourKites’ founder and CEO. “This new funding accelerates the pace with which we can develop the next generation of predictive supply chain solutions.”
“Predictive technology is rapidly becoming an integral component of supply chain execution, as companies recognize its enormous value,” said Eric Carlborg, general partner at August Capital. “FourKites is at the forefront of that value creation, delivering transformative solutions to the world’s largest companies. We look forward to being part of FourKites’ next chapter, as the team scales the breadth and depth of those solutions.”
