With an additional $100M, the world will see a new standard in deliveries with FarEye

Excited & humbled to announce a Series E fundraising round of $100M, bringing FarEye’s total fund raise to $150.7M. The latest round, led by TCV and Dragoneer Investment Group, is joined by existing investors, including Eight Roads Ventures, Fundamentum and Honeywell.

The funding will accelerate our mission of empowering brands to provide Amazon Prime-like delivery experiences and redefine how products will be delivered across diverse logistics networks, supporting our customers in their digital transformation journey. A world-class leadership team including Amit Bagga, Chief Revenue Officer (ex-Blue Yonder, ex-HP), and Suvrat Joshi, Chief Product Officer (ex-Dropbox, ex-Facebook) coupled with an inflow of capital, marks the beginning of innovation and expansion across all major geographies. 

This development comes as a recognition of round the clock hard work and passion that the team at FarEye has displayed despite the challenging circumstances. I am humbled and fortunate to be surrounded by such amazing people. The journey of understanding the rapidly evolving and unique challenges of our customers to driving innovation across our tech stacks to address these problems have always been a prized experience for us.

FarEye’s Recent Journey

Over previous several quarters, customer acquisition grew in the Nordics, North America and Australia. FarEye will continue to increase its presence and growth in these markets while extending its leadership in Asia-Pacific and Middle Eastern regions. FarEye’s customers include the number 1 Fortune 500 company in the world as well as: 

• The top 3 Fortune 500 post and parcel companies 
• Top Fortune 500 retailers 
• The top 5 out of 6 Fortune 500 manufacturing companies

FarEye continues to scale to meet its customers' growth and handle the growing scale of deliveries. The Intelligent Delivery Management Platform was used by over 25,000 drivers to make on average, over 100 million deliveries per month. The platform has supported deliveries over 80,000 active vehicles in the past year with over 2 million vehicles covered on the network through telematics integrations. Similarly, with over 20,000 live carriers on the platform, FarEye has reached a significant milestone in capabilities that will enable our customers to scale with the platform. 

The funding will accelerate our mission of empowering brands to provide Amazon Prime-like delivery experiences.

In 2020, we expanded our team by 43%, growing talent across multiple specializations in development, testing, professional services, sales and marketing. The coming year will see similar growth in the team, with significant investments in development and technology. 

Product, Platform and Partner Evolution

FarEye has launched more than 50 new modules and features over the last year, including several industry-firsts like Loop Optimization to improve routing efficiency. These efficiencies have resulted in savings of over 21,000 tons of Carbon annually for customers on our platform. With this round of funding, FarEye will expand its low-code platform to provide an integrated view of their delivery logistics landscape, and enable them to orchestrate those deliveries in their digital transformation journey. In addition, FarEye will help customers deliver a superior consumer experience while managing cost and improving operating efficiencies.

FarEye’s alliances have seen tremendous growth over the last year. With Honeywell, Blue Yonder and Microsoft, we are looking to leverage existing partnerships while building new ones to help enterprises transform their delivery experience. In addition to co-acquisition of customers through partnerships, FarEye also delivered industry thought leadership through a series of joint webinars hosted with third-party industry forums such as Supply Chain Brain and Logistics Trends & Insights. 

Partnering with Customers in the Digital Transformation Journey

Over the years, FarEye has been a trusted innovation partner for enterprises by solving their challenges through a market-first approach and helping customers achieve new standards in delivery performance. The last couple of years has seen an acceleration of digital transformation in the Logistics and Supply Chain space. FarEye is excited to work with the industry and customers to further the mission of making logistics and deliveries better for everyone with new product lines, innovative capabilities, new partnerships, and unmatched value in our platform.