The company says that it has witnessed hyper-growth that led to surging customer demand after raising its Series A round in 2020. Its revenue grew 12x in the last 12 months, while the team has increased from 24 to 180, including expansion into Asia with a new office in Hong Kong.
The current round was led by Northstar.vc. The round also saw participation from a new investor Upper90.
Existing investors Jeff Bezos, founder and executive chair of Amazon, Marc Benioff, founder, chairman & CEO of Salesforce, and US venture capital firms 8VC and Expa also participated in the round.
The company says that the proceeds from this round will help it increase its workforce, continue the development of its technology, and expand its services in new geographies.
Speaking on the development, Beacon co-founder & CEO Fraser Robinson explains, “We are extremely pleased with the progress to date, and this latest round of investment, from some of the leading names in business and technology, is an endorsement of our strategy and rapid growth.”
“We established Beacon to transform how businesses manage their supply chain and logistics operations. Since then, the COVID-19 pandemic has brought into the spotlight the importance of resilient, reliable, and transparent global supply chains, which has only served to reinforce the need for our technology and service,” Robinson says.
Robinson further adds, “We have seen high levels of demand throughout the pandemic, and in the last year we have significantly grown our team, product, and geographical presence in order to meet this demand while providing first-class customer service. These new funds will enable us to further accelerate growth by continuing to invest in our people and platform so that we can continue our mission to revolutionise the global supply chain.”
Making supply chains simple and efficient
Founded in 2018 by Fraser Robinson and Dmitri Izmailov, Beacon is an integrated digital supply chain and freight platform whose mission is to help businesses optimise their supply chains with end-to-end visibility, payments, and insights.
The company offers services including global ocean, air, and road freight, customs clearance, insurance, and supply chain finance, all through a single platform.
From bookings to order management and live tracking, Beacon’s cloud-based software connects key players and milestones in customers’ supply chains to provide a central combined view, and actionable insights.