Predictive supply chain platform FourKites attracts $35mn in new funding round
The predictive supply chain platform FourKites has announced $35mn in Series B funding to further its geographic and product expansion.
FourKites has grown revenue by 400% over the last 12 months and says it is 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.
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.
“Using FourKites has improved our on-time performance by 8%, and helped us provide world-class customer service,” said Dennis Organ, senior vice president of supply chain at Smithfield Foods.
“We were one of the early adopters of FourKites, and we recognised quickly that this technology would help us transform our supply chain.”
Craig Weiss, vice president of supply chain at Conagra Brands, commented: “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.
“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 optimise supply chain operations.