Low-code delivery management platform FarEye was founded in India by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar in 2013. The Chicago-based company manages the end-to-end process of delivering goods or services to consumer and enterprise customers across third-party and in-house fleet models.
FarEye says its product is an end-to-end, global delivery management platform that is used by brands to operate multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations.
Today, the company serves major global enterprises including DHL, Amway, Domino’s, Walmart, and UPS. The platform processes over 100 million transactions each month, and more than two million vehicles and over 25,000 drivers are on FarEye’s platform today.
The coronavirus pandemic actually helped FarEye grow, as more companies, including large FMCG brands and retailers, began to engage directly with customers, sort out their logistics, and looked toward optimizing these costs. The company has seen strong growth over the last 12 months in Europe and North America, regions which grew nearly three times in that period and now comprise over half of its revenues.
Recently, the company was named on Gartner’s Magic Quadrant for Real-Time Transportation Visibility Platforms, a visualization tool for technology buyers to evaluate vendors against their competitors.
Last month, the company announced that it has raised $100 million in a Series E round led by TCV and Dragoneer Investment Group, along with existing investors Eight Roads Ventures, Fundamentum, and Honeywell. This is the company’s third funding round since 2020, bringing the total raised to $153 million.
The new capital will be used to expand its software platform capabilities, drive expansion in Europe and North America, and explore growth opportunities. To support the continued expansion, FarEye has also hired a number of senior executives over the last year including a new CRO Amit Bagga (formerly President of APAC at BlueYonder and strategic sales leader at Oracle) and a new CPO, Suvrat Joshi (former executive at Dropbox, Amazon, Facebook, and Microsoft).
“We were not planning to raise capital anytime soon. However, given the favourable market conditions and the liquidity available for SaaS companies, we decided to build a warchest for our growth aspirations and to fuel the momentum,” said CEO Nahata.