SAN FRANCISCO - Turvo, the world’s first real-time collaborative logistics platform, announced it has closed $60 million in Series B funding led by Mubadala Ventures, the San Francisco-based venture capital arm of Mubadala Investment Company. Turvo also added new investors G2VP and Next47, the Siemens-backed global venture firm. These funds bring the total investment in the company to nearly $100 million, solidifying Turvo as the new standard in end-to-end visibility and collaboration for the logistics and supply chain industry.
Turvo is revolutionizing logistics with a ground-breaking IoT software platform that creates the “Internet of Shipping”, connecting people, businesses, applications, and devices in one AI-driven solution. Turvo empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.
“This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business,” said Eric Gilmore, CEO and co-founder of Turvo. “We are excited to partner with world-class investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change.”
Turvo’s Series B funding was led by Mubadala Ventures, a $400 million venture fund that also oversees and manages Mubadala’s $15 billion commitment to the SoftBank Vision Fund. Ibrahim Ajami, Head of Mubadala Ventures, will join the Turvo board.
“Turvo is a unique example of powerful technology being applied to a critical business challenge,” said Mr. Ajami. “We’re very excited to lead the investment and bring Mubadala’s global ecosystem and assets to help Turvo transform a massive industry.”
Existing investors Activant Capital, Felicis Ventures, Future Shape (Tony Fadell’s investment and advisory firm), and Upside Partnership continued their support of Turvo’s success by making additional investments in the Series B round.