FourKites announced it 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.
FourKites uses mobile, cloud, and analytics software to provide real-time load tracking across more than 2.5 million trucks. The platform uses FourKites’ proprietary technology and its network of 45+ partnerships with GPS-enabled electronic logging device providers (ELDs). The U.S. Department of Transportation has mandated the use of ELDs in commercial trucking by the end of 2017, and FourKites is in a unique position to help shippers, brokers, and carriers through the biggest data explosion in the history of trucking.
“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," said Mathew Elenjickal, founder and CEO of FourKites. “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.”
“Supply chain efficiency has become paramount for every kind of business, and we’re excited to help Matt and FourKites realize their ambitious yet achievable vision,” said Ajay Agarwal, managing director of Bain Capital Ventures. “FourKites has marquee customers achieving impressive results, boosting on-time performance from the low 90% range to 97-98%, which translates into less wait time at warehouses, lower stock-outs, faster inventory turns – and most importantly, happier customers.”
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.