FourKites Secures Additional $13 Million Investment
Load tracking provider FourKites said it raised $13 million in Series A funding led by Bain Capital Ventures to expand its services.
Series A funding is an early stage in the venture capital process, experts said.
The company uses mobile, cloud and analytics software to provide real-time load tracking across more than 2.5 million trucks, helping improve supply chain efficiency for shippers that spend as much as 5% of sales and 33% of profits on transportation, Chicago-based FourKites said.
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“Logistics is an industry primed for disruption. We are absolutely thrilled to partner with Bain Capital Ventures as we execute our vision to provide real-time visibility and connectivity across the logistics industry,” FourKites CEO Mathew Elenjickal said in a statement.
The infusion of new funds comes as the U.S. Department of Transportation has mandated the use of electronic logging devices for commercial trucking by the end of 2017, and FourKites said that will become the biggest data explosion in the history of trucking.
Bain Capital was also an early investor in Kiva Systems, which automated e-commerce distribution centers through a combination of autonomous robots, mobile shelving and software, FourKites said. Kiva was acquired by Amazon in 2012 for $775 million.
“Transforming any industry comes with regulatory and execution challenges. There is no one better than BCV and Ajay Agarwal to guide us in executing our vision and building an iconic company,” Elenjickal said.
Agarwal, who led Bain’s Kiva investment, will be joining the FourKites board of directors, the company said.
FourKites previously raised $3.5 million in seed and debt funding, bringing total funding for the 2-year-old company to $16.5 million, it said.
Existing investors Hyde Park Venture Partners, Hyde Park Angels and Otter also participated in this round, FourKites said.
