Paris-based Shippeo, a SaaS platform that provides real-time transportation visibility, announced on Monday, October 24, that it has raised a record-breaking funding of $40M (approximately €40.49M) to ramp up the global expansion of its visibility platform.
The company has now raised a total of over $110M (approximately €111.39M) in funding, to date.
The round saw investment from all its existing investors, including Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture, and SAP.io. Investment also came from new strategic investors Hong Kong-based LFX Venture Partners and Japan-based Yamaha Motor Ventures, whose investment will help to ramp up operations across Asia-Pacific.
In January 2021, the company raised $32M (then, approx €26.3M) to strengthen its position in the market and continue to deliver product innovation.
Shippeo says it will use the funds to further its aim to allow shippers and carriers to manage more collaborative, automated, sustainable, lucrative, and customer-centric supply chains by using global partner networks, real-time data, and artificial intelligence (AI).
Shippeo CEO, Pierre Khoury, says, “This fundraising round is the largest ever for a supply chain visibility software in Europe, helping us bolster our sound financial position for many years to come, and accelerating our ongoing North American and APAC expansion while giving customers and partners confidence in the longevity potential of our partnerships.”
Founded in 2014 by Pierre Khoury, Lucien Besse, David Barre, Jean-Bastien Dussart, Brice Hua, and Thibaut Morlot, Shippeo aims to build a data platform for the freight industry by leveraging its growing network, real-time data, and AI to help supply chains deliver exceptional customer service and achieve operational excellence.
The company’s SaaS platform offers an API that integrates transportation management systems as well as telematics products, ERP, and electronic logging device technology, among other data sources. This provides real-time location data, delivery tracking, and a proprietary algorithm to calculate a shipment’s Estimated Time of Arrival (ETA).
With more than 875 transportation management system, telematics, and ELD (electronic logging device) systems integrated into its multimodal visibility network, Shippeo’s platform can instantly access real-time cargo tracking for all transport modes.
Clients use Shippeo to track over 28 million shipments annually across 92 countries, including known international companies like Coca-Cola HBC, Carrefour, Renault Group, Schneider Electric, Total, Faurecia, Saint-Gobain, and Eckes Granini, among others.
“Best-in-class” data capabilities, quality, and user experience
With great data quality and ETA accuracy available on the market, Shippeo aims to be the top supply chain operating system, allowing completely automated and sustainable supply chains everywhere.
Earlier this year, Shippeo released several major product developments that give clients additional features and capabilities. These included the first market-exclusive platform for tracking end-to-end shipments across all transport modes, which featured an improved, “world-class” ocean tracking system with a ground-breaking user experience and potent monitoring features.
Additionally, the company also unveiled a new carbon visibility dashboard to make it easier for carriers and shippers to track CO2 emissions from transportation and distribution activities. Parallel to this, a new cooperation with Everysens increased rail visibility capabilities and accuracy of cargo tracking ETA by 32 per cent.
Recent growth and development
In the last 12 months, a conservative cash management strategy has helped Shippeo to maintain a stable financial position and a direct path to profitability, contributing to a 70 per cent increase in the company’s valuation.
Shippeo has grown from a regional leader in real-time shipment visibility to a global leader over the past three years, increasing subscription revenues by 80 per cent annually while adding 150 global enterprise-level clients to its clientele. The business has also managed to keep its turnover rate around 4 per cent.
After launching in the North American market earlier this year, Shippeo’s expansion is maintaining momentum through a recently announced partnership with e2open, the connected supply chain SaaS platform with the largest multi-enterprise network.
With active cargo monitoring in 92 countries on all continents, including difficult-to-track areas like the Middle East, Africa, and the Asia Pacific, Shippeo’s carrier network expanded to over 150,000 worldwide.
Supporting growth was a tripling of the team size to over 220 employees. The company has welcomed 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.