Technology

Digital provide chain supplier Beacon raises $50M

code supply chain

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Beacon, a U.Ok.-based digital provide chain and freight platform maker, revealed on October 4 that it has raised $50 million in a sequence B funding spherical, led by Northstar.vc.

Beacon’s software program is designed to optimize digital provide chains with insights and visibility. The cloud-based platform presents a freight forwarding service throughout all modes built-in with its end-to-end visibility platform, connecting every stage of the provision chain to ship a document of all the data groups want. The platform connects bookings to order administration, stay monitoring, and doc administration.

Upper90 additionally participated as a brand new investor. Beacon mentioned that the recent capital shall be used to develop its staff, proceed know-how growth, and develop into new markets.

Since finishing its sequence A in early 2020, Beacon mentioned it has skilled quick development on account of surging buyer demand. Revenue has grown 12x within the final 12 months, the corporate mentioned, and headcount has elevated from 24 to 180 — together with enlargement into Asia with a brand new workplace in Hong Kong.

Existing buyers additionally taking part within the sequence B spherical embrace Jeff Bezos, founder and government chair of Amazon, and Marc Benioff, founder, chairman, and CEO of Salesforce, along with U.S. enterprise capital corporations 8VC and Expa.

Digital provide chains rising in significance

The transformation of logistics and digital provide chains from servers to the cloud started earlier than the onset of COVID-19, however the pandemic has accelerated this evolution. The persevering with shift to on-line retail, mixed with sky-high freight charges, and client demand for quicker, extra dependable supply instances, has positioned extraordinary stress on companies and their provide chains. One of the simplest methods for companies to compete on this new setting, Beacon mentioned, is with full, digital visibility of their provide chains and logistics operations.

“We established Beacon to remodel how companies handle their digital provide chain and logistics operations,” Beacon cofounder and CEO Fraser Robinson, a former Uber government, mentioned in a media advisory. “Since then, the COVID-19 pandemic has introduced into the highlight the significance of resilient, dependable, and clear world provide chains, which has solely served to bolster the necessity for our know-how and repair.”

“We have seen excessive ranges of demand all through the pandemic, and within the final 12 months now we have considerably grown our staff, product, and geographical presence with a purpose to meet this demand, whereas offering first-class customer support. These new funds will allow us to additional speed up development by persevering with to put money into our folks and platform in order that we are able to proceed our mission to revolutionize the worldwide provide chain.”

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