Paris-based Shippeo, a SaaS platform that provides real-time transportation visibility, has raised $ 32M (approx €26.3M) in a fresh round of funding. The round is co-led by Battery Ventures, (a technology-focused investment firm) and existing investors, including NGP Capital, ETF Partners, Partech, and Bpifrance Digital Venture.
Use of the funds
Shippeo will use the current investment to strengthen its position in the market and continue to deliver product innovation.
Speaking on the development, founders Pierre Khoury and Lucien Besse of Shippeo, said, “Battery Ventures, founded in 1983, has a long track record of investing in prominent SaaS businesses in the US and Europe and partnering with management teams to help them grow their businesses smartly. With Battery’s industrial reach and strong experience in the technology sector, Shippeo will carry out its main objectives: strengthening its leading position in Europe and boosting its edge over its competitors.”
The company was founded in 2014 by Pierre Khoury, Lucien Besse, David Barre, Jean-Bastien Dussart, Brice Hua, and Thibaut Morlot.
Shippeo aims to build a data platform for the freight industry, by leveraging its growing network, real-time data, and AI to help supply chains deliver exceptional customer service and achieve operational excellence.
The company’s software-as-a-service (SaaS) platform offers an API that integrates transportation management systems as well as telematics products, ERP, and electronic logging device technology, among other data sources. This provides real-time location data, delivery tracking, and a proprietary algorithm to calculate a shipment’s Estimated Time of Arrival (ETA).
Shippeo claims to have tracked more than 140,000 deliveries per month throughout Europe for companies such as Leroy Merlin, Saint-Gobain, and Faurecia.
Solving the pain-point of the freight industry
Due to the Covid-19 scenario, the need for supply-chain visibility has been increasing more than ever. With many countries in lockdown and with unpredictable border closures, companies with advanced visibility solutions have managed to reduce the transport delays and operational inefficiencies.
Beyond tracking shipments, visibility platforms now give supply chains the data-driven transparency to meet various customer demands in uncertain and challenging market conditions.
And supposedly, this is where Shippeo stepped in and claims to have more than doubled its subscription revenues year on year.
Companies using Shippeo’s platform can now identify every pain point and inefficiency end-to-end across their global logistics operations and take action to optimise their processes. This results in lower transportation costs, increased customer satisfaction, and more sustainable operations.
Just last October, Shippeo acquired the French company oPhone, bringing major customers in the retail and manufacturing sectors in its community. And now, the company’s total workforce has more than doubled, totaling 160 employees, of which 45% work in R&D.
In February 2020, Shippeo raised €20M in its Series B round led by NGP Capital and ETF Partners, with participation from Bpifrance Digital Ventures and Partech.
Prior to that, the company has raised €10M (2017) in Series A round from Otium Capital and Partech. In 2016, it raised €2M in its Seed round from Otium Capital, and in 2015 it raised its pre-Seed round funding of €90K.