FarEye, one of the leading end-to-end, global delivery management platform, has announced a $100 million Series E round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum, and Honeywell also participated in the round. As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
The funds will be used to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks. FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent.
Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava, and continues to show double-digit year on year growth.
Kushal Nahata, CEO and Co-Founder of FarEye, said, “We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management. The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44 percent from $598 billion in 2019. The growth and the digital transformation in the logistics sector have created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide an Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally."
FarEye’s intelligent and sophisticated platform is used by brands to launch and champion multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. FarEye currently serves global enterprises across retailers, manufacturers, and third-party logistics providers & carriers, including DHL e-commerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS, and more.
The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles. FarEye’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of the revenues and have grown nearly three times in the same period.