Shippeo announces on January 14 that it has finalized a funding round of $ 32 million. This funding cycle is co-led by Battery Ventures, a global venture capital fund specializing in technology companies, and existing investors NGP Capital, ETF Partners, Partech and Bpifrance Digital Venture.
This fundraising, which brings the total funds raised to 71 million dollars since the launch of the Parisian start-up 6 years ago, aims to “strengthen its leadership position and develop its capacity for innovation“.
An algorithm to calculate the estimated time of arrival
Shippeo has developed a real-time transport visibility solution. The SaaS platform is based on an API that allows the integration of data sources from hundreds of transport management systems (TMS), ERP, on-board computers or other electronic systems. It provides real-time location data, tracks deliveries and a proprietary algorithm to calculate the estimated time of arrival (ETA) of a shipment.
Companies are able to identify and eliminate pain points and inefficiencies across the entire supply chain and act to optimize their processes, for example by reducing transport costs. By offering control of the supply chain, Shippeo aims to improve customer satisfaction and therefore customer loyalty.
Revenue doubled in 2020
While the Covid-19 crisis has highlighted the issue of supply chain visibility, companies are looking for solutions in monitoring flows. With containment and border closures, the companies that have succeeded in mitigating operational inefficiencies related to transportation delays are the ones that have “advanced visibility solutions“, explains the company.
Shippeo recorded an increase in its revenues and its customer base in 2020, with the arrival of Kuehne + Nagel, Total, Hager Groupe or Krone. “Beyond tracking shipments, visibility platforms now give supply chains the flexibility to respond to changing customer demands in uncertain and unpredictable market conditions“, adds the start-up.
The company acquired the French company oPhone last October, which has enabled it to develop in the distribution and industrial sectors. The total workforce has more than doubled over the past 12 months, reaching 160 employees, 45% of whom work in R&D. The start-up counts among its customers Carrefour, Schneider Electric, Faurecia, Saint-Gobain and Eckes Granini.