FarEye raises 100 million USD in series E funding
By FarEye | May 25, 2022
FarEye Announces $100 Million Series E Round Led by TCV and Dragoneer. New funding will accelerate innovation and global expansion for leading logistics management SaaS platform.
May 25th, 2021, Chicago: FarEye, a leading end-to-end, global delivery management platform, has announced a USD 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. FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent. As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava, & Gautam Kumar, FarEye is addressing a multi billion dollar delivery management market that continues to show double digit year on year growth.
CEO and Co-founder | FarEye
FarEye’s intelligent & sophisticated 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 ecommerce, Amway, Dominos, Walmart, Posti, Gordon Foods, UPS and more.
General Partner | TCV
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 comprise over half of the revenues and have grown nearly three times in the same period.
FarEye was recently recognized by Gartner in their inaugural Magic Quadrant for Real-Time Transportation Visibility Platforms.
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).
Partner | Dragoneer Investment Group
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $14 billion to date and has helped guide CEOs through more than 125 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Brex, ByteDance, Facebook, Netflix, Peloton, Spotify, Zillow, Clio, Klarna, Mollie, Nubank, Payoneer, RELEX Solutions, Revolut, Spryker, Toast, Wealthsimple and WorldRemit. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.
About Dragoneer Investment Group
Dragoneer is a San Francisco-based, growth-oriented investment firm with over $17 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, AmWINS, Ant Financial, ByteDance, Datadog, DoorDash, Duck Creek, Farfetch, Livongo, Nubank, PointClickCare, ServiceNow, Slack, Snowflake, Spotify, Square, Twilio, Uber, and others.
FarEye’s Delivery Management platform turns deliveries into a competitive advantage. Retail, e-commerce and third-party logistics companies use FarEye’s unique combination of orchestration, real-time visibility, and branded customer experiences to simplify complex last-mile delivery logistics. The FarEye platform allows businesses to increase consumer loyalty and satisfaction, reduce costs and improve operational efficiencies. FarEye has 150+ customers across 30 countries and five offices globally. FarEye, First Choice for Last Mile.
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