FourKites Secures $10M, Eyes Expansion in Asia-Pacific Market
Chicago-based logistics firm FourKites has had a busy few months. Back in June, FourKites secured an investment from FedEx and was also collaborating with the shipping and logistics company to develop a new supply chain visibility platform. Now, FourKites is announcing that it has secured new funding and will be expanding its services in the Asia-Pacific (APAC) region.
On Tuesday, the company announced it secured a $10 million investment from Mitsui & Co., a global investment company based in Tokyo. With the investment, FourKites is looking to expand in the APAC region and strengthen its partnership with Mitsui.
FourKites tracks loads that are transported via road, rail, air and sea. It is able to provide accurate data on where shipments are located at any given time and when they will reach their destination. The company was founded in 2014 and its supply chain visibility capabilities are used by many enterprise companies, including Coca-Cola, Walmart and 3M.
For companies moving thousands of shipments, it is especially hard to keep track of all their freight, however, FourKites’ platforms help streamline the process and make it manageable.
FourKites uses its visibility platforms in over 200 countries, including some in the APAC region. According to the company, over the past 12 months, its presence has grown massively in the APAC region, including a 91 percent increase in new APAC customers and a 240 percent growth in shipments tracked in the region. With the new investment, FourKites is looking to capitalize on this recent growth.
“As a global logistics hub, companies throughout APAC are making significant investments in supply chain transformation,” Mathew Elenjickal, FourKites founder and CEO, said in a statement. “We are thrilled to welcome Mitsui into our powerhouse network of strategic investors who are working together to revolutionize supply chains around the world.”
Prior to the expansion into APAC and the collaboration with FedEx, FourKites had secured more than $200 million in venture funding.
The company is currently hiring for a variety of roles.