Battery Ventures joins Shippeo's Journey to Supply Chain Leadership
At Partech, we are very pleased to reveal that Portfolio Company Shippeo, the European leader in real-time transportation visibility (RTTV), has raised $32 Million to take its total funding to a huge $71 Million since its inception. This new round is co-led by Battery Ventures and existing investors NGP Capital, ETF Partners, Partech, and Bpifrance.
2020 was a massive year for supply-chain visibility. With national restrictions in place across the whole of Europe including border closures, the need for visibility solutions became all the more important. Not only was tracking deliveries of paramount importance but also, the need to respond to customer demands to maintain high levels of customer service.
Shippeo's solution covers all these problems through its electronic logging-device technology, among other data sources, to provide real-time location data, delivery tracking and a proprietary algorithm to calculate a shipment’s Estimated Time of Arrival (ETA). They make the process more efficient for business with their lower transportation costs, increased customer satisfaction and more sustainable operations.
Despite the crisis of 2020, the company doubled its subscription revenues year on year, in addition to successfully increasing its customer base in 2020 with major industrial brands and fourth-party logistics providers such as Kuehne+Nagel, Total, Hager or Krone. Shippeo used this growth to hire new team members leading to their total workforce more than doubling in the last 12 months, now totaling 160 employees, of which 45% work in R&D.