Join gamers online at the GamesBeat Summit Next next 9-10. November. Learn more about what comes next.
Beacon, a UK-based digital supply chain and freight platform manufacturer, revealed on October 4 that it has raised $ 50 million in a Series B funding round, led by Northstar.vc.
Beacon’s software is designed to optimize digital supply chains with insight and visibility. The cloud-based platform offers a cross-mode forwarding service integrated with its end-to-end visibility platform that connects every step of the supply chain to provide an overview of all the information teams that need it. The platform connects bookings with order management, live tracking and document management.
Upper90 also participated as a new investor. Beacon said the fresh capital will be used to expand its team, continue technology development and expand into new markets.
Since the completion of its Series A in early 2020, Beacon said it has experienced rapid growth due to increasing customer demand. Revenue has grown 12x in the last year, the company said, and the number of employees has increased from 24 to 180 – including expansion to Asia with a new office in Hong Kong.
Existing investors also participating in the Series B round include Jeff Bezos, founder and CEO of Amazon, and Marc Benioff, founder, chairman and CEO of Salesforce, in addition to U.S. venture capital firms 8VC and Expa.
Digital supply chains are growing in importance
The transformation of logistics and digital supply chains from servers to the cloud began before the start of COVID-19, but the pandemic has accelerated this development. The continued shift to online retail combined with sky-high freight rates and consumer demand for faster and more reliable delivery times has put extraordinary pressure on companies and their supply chains. One of the most effective ways for companies to compete in this new environment, Beacon said, is with full, digital visibility of their supply chains and logistics operations.
“We established Beacon to transform how companies manage their digital supply chain and logistics operations,” Beacon co-founder and CEO Fraser Robinson, a former Uber director, said in a media conference. “Since then, the COVID-19 pandemic has highlighted the importance of resilient, reliable and transparent global supply chains, which have only helped to reinforce the need for our technology and service.”
“We have experienced a great demand during the entire pandemic, and in the last year we have significantly grown our team, product and geographical presence to meet this demand, while providing first-class customer service. These new funds will enable us to further accelerate growth by continuing to invest in our employees and platform so that we can continue our mission of revolutionizing the global supply chain. ”
VentureBeat’s mission is to be a digital urban space for technical decision makers to gain knowledge about transformative technology and transactions. Our site provides important information about data technologies and strategies to guide you as you lead your organizations. We invite you to join our community to access:
- updated information on topics that interest you
- our newsletters
- gated thought-leader content and discount access to our valued events, such as Transform 2021: Learn more
- networking features and more