UK digital supply chain and freight platform Beacon raises $50 million Series B round
PR92089
LONDON, Oct. 4, 2021 /PRNewswire=KYODO JBN/ --
Highlights:
- $50 million raised in oversubscribed Series B fundraise
- Round led by new investor Northstar.vc
- Funds will accelerate growth by investing in people, technology and
continued market expansion
- Round follows on from $15 million Series A, announced in June 2020, which
was led by 8VC and Jeff Bezos
Beacon [ https://beacon.com/ ], the digital supply chain and freight platform,
has raised over $50 million in its Series B round, led by Northstar.vc. Upper90
also participated as a new investor. The fresh capital will be used to grow the
team, continue the development of Beacon's technology and expand into new
markets.
Since completing its Series A in early 2020, Beacon has experienced hyper
growth as a result of surging customer demand. Revenue has grown 12x in the
last 12 months, while the team has increased from 24 to 180, including
expansion into Asia with a new office in Hong Kong.
Existing investors also participated in the Series B round, including Jeff
Bezos, the founder and executive chair of Amazon, Marc Benioff, founder,
chairman and CEO of Salesforce, as well as leading US venture capital firms 8VC
and Expa.
The digital transformation of logistics, and supply chains more broadly, had
begun before the onset of COVID-19, but the pandemic has accelerated this
evolution. The continuing shift to online retail, combined with sky-high
freight rates and consumer demand for faster, more reliable delivery times, has
placed extraordinary pressure on businesses and their supply chains. One of the
most effective ways for businesses to compete in this new environment is with
full, digital visibility of their supply chains and logistics operations.
Beacon co-founder and CEO Fraser Robinson said: "We are extremely pleased with
the progress to date, and this latest round of investment, from some of the
leading names in business and technology, is an endorsement of our strategy and
rapid growth.
We established Beacon to transform how businesses manage their supply chain and
logistics operations. Since then, the COVID-19 pandemic has brought into the
spotlight the importance of resilient, reliable, and transparent global supply
chains, which has only served to reinforce the need for our technology and
service.
We have seen high levels of demand throughout the pandemic, and in the last
year we have significantly grown our team, product and geographical presence in
order 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 people and platform so that we can continue our mission to revolutionise
the global supply chain."
Amir Karimpour, Managing Partner at Northstar.vc, said: "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."
Beacon is an integrated digital supply chain and freight platform, whose
mission is to help businesses optimise their supply chains with end-to-end
visibility, payments, and insights. The company offers a full range of
services, including global ocean, air and road freight, customs clearance,
insurance, reporting, data insights and supply chain finance, all accessed and
managed in a single platform. From bookings to order management and live
tracking, Beacon's secure cloud-based software connects the key players and
milestones in customers' supply chains to provide a central combined view, and
actionable insights. Beacon was founded in 2018 by CEO Fraser Robinson and COO
Dmitri Izmailov, both former Uber executives.
www.beacon.com
About Beacon:
Beacon is an integrated digital supply chain and freight platform, whose
mission is to help businesses optimise their supply chains with end-to-end
visibility, payments, and insights. The company offers a full range of
services, including global ocean, air and road freight, customs clearance,
insurance and supply chain finance, all accessed and managed in a single
platform.
From bookings to order management and live tracking, Beacon's secure
cloud-based software connects the key players and milestones in customers'
supply chains to provide a central combined view, and actionable insights.
The company was founded in 2018 by CEO Fraser Robinson and COO Dmitri Izmailov,
former Uber executives, creating a management team with deep expertise in
logistics, technology, finance and hyper-growth. Beacon is headquartered in
London and also has an office in Hong Kong.
Source: Beacon
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