Shippeo, a Paris-based supply chain visibility platform, announced Monday the closing of a $40 million funding round.
With new money from existing investors Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io, alongside new strategic investors Hong Kong-based LFX Venture Partners and Japan-based Yamaha Motor Ventures, Shippeo plans to use the funding to accelerate expansion efforts in North America and the Asia-Pacific regions.
“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,” said Shippeo CEO Pierre Khoury. “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.”
Shippeo last raised money in January 2021, securing $32 million in a Series C round, according to Crunchbase.
In February, Shippeo announced its intention to offer its services in North America. Since then, it has unveiled a partnership with connected supply chain platform e2open (NYSE: ETWO) and has grown its global carrier network to more than 150,000 with active shipment tracking in 92 countries.
Total funding for the company, which employs over 220 people, is now just over $110 million, it said. In a press release, Shippeo noted its valuation has increased over 70% in the last 12 months, but it did not disclose what that new valuation is.
Shippeo said subscription revenues have climbed 80% year over year and it has added 150 enterprise-level customers to its platform in the past three years, including Coca-Cola HBC, Renault, AkzoNobel, Philip Morris International and Jaguar Land Rover.
This year, Shippeo has enhanced its platform with new features, including ocean tracking solutions and a carbon visibility dashboard. Shipment tracking estimated time of arrival was improved 32%, the company noted, and a partnership with rail and intermodal transport management system provider Everysens improved rail visibility.
“We see a bright future ahead for Shippeo. The fact that the company continues to attract and deliver for such high-caliber enterprise-level customers is a testament to their team’s focus on customer centricity from product development, through to solution consulting, deployment, and support,” said Michael Brown, general partner at Battery Ventures. “What’s more remarkable is that they’ve managed to achieve a market leadership position with comparatively lower funding and better cash efficiency versus some of their direct competitors, due to strong leadership and the highly capable team they’ve attracted.”
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