Beacon, a UK-based logistics startup, has announced the closing of a $50 mln Series B funding round to optimize supply chain management.
The oversubscribed round follows after a $15 million Series A in early 2020, bringing the startup total raised to $65 million. It was led by Northstar.vc with participation from existing investors like 8VC and Expa and 8VC, as well as angel investors like Amazon founder Jeff Bezos and Salesforce founder Marc Benioff. Amir Karimpour, Managing Partner at Northstar.vc, said about the round:
“At Northstar, we back technologies that have the potential to alter the trajectory of their respective industries, and Beacon’s game-changing platform has the potential to transform supply chains globally. We are excited to partner with Beacon’s world class team as they continue to expand and create value for their customers.”
The COVID-19 pandemic has boosted up the digital transformation in the logistics and supply chain industries after the flaws of legacy systems were exposed. Now, providers and businesses are feeling the pressure of updating their processes to meet the needs of today’s world, ensuring that future events don’t result in lost productivity.
Co-founded in 2018 by former Uber executives Fraser Robinson and Dmitri Izmailov, Beacon has developed an integrated digital supply chain and freight platform to improve end-to-end visibility, payments, and insights to help businesses optimize their supply chains. Its full range of services is accessed and managed in a single platform that includes global ocean, air and road freight, customs clearance, insurance, reporting, data insights, and supply chain finance.
Since its founding, the startup has seen its revenue has grown by more than 12 over the last 12 months, while its workforce has increased from 24 to 180. The startup has also entered the Asian market with the launch of a new office in Hong Kong, which is a reflection of its success in the market.