Shippeo, a French SaaS platform that provides supply chain visibility, has taken aboard $40 million in Series D cargo, now bringing the tonnage of the ship to $107.9 million. The consignment is aimed at ramping up the company’s global expansion charts.
All existing investors including Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io, participated. Aiming to further into the Asian market, new strategic investors include Hong Kong-based LFX Venture Partners and Japan-based Yamaha Motor Ventures.
“Given the challenging economic climate we find ourselves in, the fact that each of our existing investors took the opportunity to reinvest is a strong vote of confidence in us, thanks to the considerable growth rates and enviable customer satisfaction levels we’ve managed to maintain,” explains Shippeo CEO Pierre Khoury. “Benefitting from the addition of some notable new investors, this fundraising round is the largest ever for a supply chain visibility software in Europe, helping us bolster our sound financial position for many years to come, and accelerating our ongoing North American and APAC expansion, while giving customers and partners confidence in the longevity potential of our partnerships.”
According to the company, in the last 12 months, their valuation has grown 70%, thanks in part to a lean approach to cash burn, one that they credit to helping to preserve a secure financial position and a clear path to profitability. In parallel, the company has kept churn rates below 4%.
In the past three years, Shippeo has expanded from a regional leader to providing real-time shipment visibility on a global scale, and according to the company grown subscription revenues by 80% year on year, and added 150 global enterprise-level customers to its books, including Coca-Cola HBC, Renault, AkzoNobel, Philip Morris International, and Jaguar Land Rover. In parallel, the company has kept churn rates below 4%.
On the investment, Battery Ventures GP Michael Brown commented, “We see a bright future ahead for Shippeo. The fact that the company continues to attract and deliver for such high-caliber enterprise-level customers is a testament to their team’s focus on customer centricity from product development, through to solution consulting, deployment, and support. What’s more remarkable is that they’ve managed to achieve a market leadership position with comparatively lower funding and better cash efficiency versus some of their direct competitors, due to strong leadership and the highly capable team they’ve attracted.”