FarEye announces $100 million series E round led by TCV, Dragoneer

May 25 2021: The end-to-end global delivery management platform, FarEye, today announced a $100 million Series E round led by TCV and Dragoneer Investment Group.

Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.

“The funds will be used to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks,” reads the release.

“FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent,” it added.

As part of the transaction, Gopi Vaddi, general partner at TCV, will join FarEye’s board of directors.

Gopi Vaddi said, “The logistics and supply chain industry is going through a long-awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last-mile experiences for the end consumer. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.”

Eric Jones, partner at Dragoneer Investment Group, said, “FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers and 3PLs. We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.”Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava, & Gautam Kumar, FarEye is addressing a multibillion-dollar delivery management market that continues to show double-digit year on year growth.

Kushal Nahata, CEO and co-founder of FarEye, said, “The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019. The growth and the digital transformation in the logistics sector have created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide an Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally."

FarEye’s platform is used by brands to launch and champion multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. More specifically, FarEye enables enterprise clients to:

• Manage the end-to-end process of delivering goods or services to consumer and enterprise customers across both 3rd party and in-house fleet models

• Provide end-customers with a positive delivery experience, all while significantly lowering logistics costs and giving unparalleled visibility and control across the entire process

• Leverage a highly modular, cloud-native and low-code platform, which allows clients to build individualized workflows to suit their unique delivery requirements while ensuring the fastest time to value

• Handle enterprise-scale volumes and compliance requirements
FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers & carriers, including DHL e-commerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS and more.

The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers and is integrated into a network of over two million vehicles. FarEye’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of the revenues and have grown nearly three times in the same period.

To support continued expansion, FarEye has also hired a number of senior executives over the last year including a new CRO, Amit Bagga (formerly President of APAC at BlueYonder and strategic sales leader at Oracle), and a new CPO, Suvrat Joshi (former executive at Dropbox, Amazon, Facebook, Microsoft).