India's FarEye gets additional $13m for Series D
Indian logistics platform FarEye has received additional funding of $13 million from The Fundamentum Partnership and a fund managed by South Korea’s KB Investment.
Earlier in the year, the company announced a Series D round of $25 million led by M12, Microsoft’s corporate venture arm. Other FarEye investors include Eight Roads, Honeywell Ventures and SAIF Partners. Fundamentum is a growth stage-focused venture capital firm in India. KB Investment, the investment arm of the KB Financial Group, is participating via its KB Global Platform Fund.
Founded in 2013, FarEye helps third-party logistics service providers, retailers, manufacturers and e-commerce companies get real-time visibility into the movement of goods. It offers a predictive logistics platform that enterprise customers can use for order-tracking. Machine-learning and automation tools help optimize transportation routes for delivery agents.
Back in April, FarEye claimed to support more than 10 million transactions daily, working with over 150 enterprises across 20 countries. The company says that it has seen a surge in demand due to increased use of online tools caused by limited social movement this year. It will use the fresh capital to hire people across markets.
“Logistics is the backbone of any given economy, and yet it has been a difficult space to innovate .. We look forward to FarEye’s contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business. We have been deeply impressed with FarEye’s response during the pandemic as a global leader in the logistics SaaS space,” said Chunsoo Kim, a managing director at KB Investment.
Apart from FarEye, Fundamentum has invested in travel package marketplace TravelTriangle, used car marketplace Spinny and online pharmacy portal PharmEasy in India. KB Investment’s venture capital activity in Asia this year includes commitments to 18 start-ups in South Korea as well as three in India. It also took part in a Series A round for Indonesian insurance technology player Qoala.
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