Logistics StartUp Fourkites Receives 35 Million USD Series B Investment to Grow in Global Markets
FourKites Inc. , which enables real-time tracking of cargo transportation operations, announced that it has received an investment of 35 Million Dollars, which will be used to expand its field of activity by moving abroad and increase its transportation time forecasting ability.
The Chicago -based company produces software that allows freight forwarders and logistics companies to track their shipments instantly and be aware of possible delays.
This technology enables manufacturers and retailers to have information on issues such as estimated arrival times, vehicle stop times in warehouses, traffic and weather developments, with instant location analysis of the vehicles they transport. FourKites ‘ customers today include retailer Best Buy Co , food company Conagra Brands Inc. and the farming company Cargill Inc. have companies.
Market, Walmart Inc. It continues to grow thanks to retailers, which carry out shipments in a wide area from consumer electronics to packaged food, such as consumer electronics, to demand faster and more precise delivery of everything.
Founded in 2014, FourKites has 160 employees and plans to double that number this year. In addition to the growth in Asia and South America, FourKites is preparing to add information to the list of forecasting services shared with its customers when the vehicles that carry out their transportation will be available for transportation again.
The company chooses not to disclose its net income for 2017. Managing Director Mathew Elenjickal states on the matter that revenue has increased by 400% over the past 12 months.
New deals include agreements for Unilever PLC in Europe and Anheuser-Busch in South Africa to make the supply chain traceable.
Source: The Wall Street Journal