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FourKites raises $13 million in financing

Oct. 14, 2016
FourKites, a platform for real-time shipment visibility, has raised $13 million in Series A funding led by Bain Capital Ventures (BCV).

FourKites, a platform for real-time shipment visibility, has raised $13 million in Series A funding led by Bain Capital Ventures (BCV). FourKites previously raised $3.5 million in seed and debt funding, bringing total funding for the two-year-old company to $16.5 million. Existing investors Hyde Park Venture Partners, Hyde Park Angels, and Otter also participated in this round.

Using mobile, cloud, and analytics software, FourKites provides 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. The platform uses FourKites’ proprietary technology and its network of 45-plus partnerships with GPS-enabled electronic logging device (ELD) providers.

The US Department of Transportation has mandated use of ELDs in commercial trucking by the end of 2017.

FourKites said the funding will be used to integrate more data sources into its tracking platform, expand internationally, and cover additional transportation modes such as LTL, rail, intermodal, and ocean. In addition to investing in the core platform, the firm is also building new applications that harness the data its platform collects to drive efficiency in supply chain operations. FourKites is also looking to add more than 100 jobs in the Chicago market in the coming year.

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