FourKites raises $35 million to accelerate predictive supply chain execution

FourKites, the fastest-growing predictive supply chain platform, on Thursday announced $35 million in Series B funding to further its geographic and product expansion.

August Capital led the round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners. Eric Carlborg, general partner at August Capital, will join the FourKites board.

Commenting on the development, FourKites Co-founder & CTO Arun Chandrasekaran the funding will further fuel the company's plan to double its engineering talent pool and also build new teams by the end of this calendar year.

"We are going to be heavily investing in research and development, product and engineering. This includes omni-modal tracking & end to end visibility solutions and our predictive analytics capabilities. We will also invest in our operations to help our customers realize value and be successful," Chandrasekaran.

FourKites has grown revenue by 400% over the last 12 months and is now the undisputed market leader, signing large shipper customers at a rate of one per week.

The company recently signed international deals with Unilever for supply chain tracking across Europe, and with AB InBev in South Africa. Other FourKites customers include many of the world's largest shippers – Best Buy, Conagra Brands, KraftHeinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods, among others.

FourKites' founder and CEO  Mathew Elenjickal said the company's  goal since day one has been to deliver measurable value for our customers by reimagining the way technology can transform their global supply chains.

"This new funding accelerates the pace with which we can develop the next generation of predictive supply chain solutions," he said.

August Capital General Partner  Eric Carlborg said predictive technology is rapidly becoming an integral component of supply chain execution, as companies recognise its enormous value.

"FourKites is at the forefront of that value creation, delivering transformative solutions to the world's largest companies. We look forward to being part of FourKites' next chapter, as the team scales the breadth and depth of those solutions," said Carlborg.