Shippeo, a specialist in real-time multimodal supply chain transportation visibility, has announced a record $40 million fundraising round as the company accelerates the global expansion of its visibility platform.
All existing investors took part in the new round, including Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io. New strategic investors are Hong Kong-based LFX Venture Partners and Japan-based Yamaha Motor Ventures, whose investment will help to ramp up operations across Asia-Pacific.
The new investment round boosts the total investment in the company to date to over $110 million. It will support Shippeo’s mission to help shippers and carriers run more collaborative, automated, sustainable, profitable, and customer-centric supply chains, leveraging global partner networks, real-time data and AI to enable greater ecosystem collaboration.
“Given the challenging economic climate we find ourselves in, the fact that each of our existing investors took the opportunity to reinvest is a strong vote of confidence in us, thanks to the considerable growth rates and enviable customer satisfaction levels we’ve managed to maintain,” Shippeo CEO Pierre Khoury said.
“Benefitting from the addition of some notable new investors, 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,” he added.
Strong growth
In the last year, Shippeo’s company valuation has grown 70%, with a lean approach to cash burn helping to preserve a secure financial position and clear path to profitability. Over the past three years, Shippeo has expanded from a regional to a global leader in real-time shipment visibility, growing subscription revenues 80% year on year. It also gained 150 global enterprise-level customers including Coca-Cola HBC, Renault, AkzoNobel, Philip Morris International, and Jaguar Land Rover. In parallel, the company has kept churn rates below 4%.
After having launched in the North American market earlier this year, Shippeo continued its expansion through a partnership with the connected supply chain SaaS platform e2open. Shippeo’s carrier network also grew to over 150,000 across the globe, with active shipment tracking in 92 countries, across all continents, including complex regions for tracking such as the Middle East, Africa and Asia Pacific.
To support growth, Shippeo tripled its workforce to over 220 people.
New products
Shippeo’s ambition is to enable fully automated and sustainable supply chains across the world, offering the highest data quality and ETA accuracy available on the market. Earlier this year, it announced several major product developments offering new features and capabilities for customers. These included an enhanced ocean tracking solution, with a breakthrough user experience and powerful monitoring capabilities, as part of the first truly singular platform available on the market for tracking end-to-end shipments across all transport modes.
Shippeo also debuted a new carbon visibility dashboard to simplify CO2 emissions monitoring from transport and distribution activities for both shippers and carriers. In parallel, shipment tracking ETA accuracy was boosted by 32% and rail visibility capabilities enhanced via a new partnership with leading rail and intermodal transport management system provider Everysens.
Shippeo has been recognised as a global industry leader in the G2 Fall 2022 Grid Report for Supply Chain Visibility for the fourth consecutive time, based on a high customer satisfaction score and large market presence. In the same report, Shippeo was voted number one easiest platform to use, with 98% of users rating the platform a four or five out of five stars.
