French logistics specialist Shippeo raises €40 million, targets North America, Asia-Pacific
After raising €28 million at the beginning of 2021, French logistics specialist Shippeo has raised €40 million in a new funding round, with the aim of accelerating its growth, specifically its expansion into the North American and Asia-Pacific markets.
The funding round was carried out with Shippeo’s existing investors Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io. They were joined for the occasion by Hong Kong’s LFX Venture Partners and Japanese firm Yamaha Motor Ventures, “whose investments will enable [Shippeo] to boost its operations in the Asia-Pacific region,” said Shippeo.
Shippeo specialises in real-time monitoring of logistics activity, using digital automation and artificial intelligence tools. It operates both in the consumer goods and the industrial manufacturing sectors.
Shippeo said it surveys the activity of 150,000 freight carriers in 92 countries and, in the last three years, the revenue it generates with its logistics data flow subscription service reportedly grew by 80%, after the company attracted 150 new clients including Coca-Cola, Renault, Philip Morris International and Jaguar Land Rover.
“Benefiting from the addition of some notable new investors, this funding round was the largest ever by a provider of supply chain visibility software in Europe,” said CEO Pierre Khoury, who added that it will “help us bolster our solid financial position for many years to come, and accelerate our continued expansion in North America and APAC, while assuring our clients and partners that our collaborations will stand the test of time.”
Shippeo has more than 220 employees and is based in Paris. At the start of the year, it launched on the North American market, intending to advance from major European player to leading international provider. Shippeo has recently introduced a new service, creating a dashboard that simplifies the tracking of carbon emissions relating to the transportation and distribution activities carried out by shippers and freight carriers.
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