FourKites, a Chicago, IL-based platform for real-time shipment visibility, raised $13m in Series A funding.
The round was led by Bain Capital Ventures with participation from existing investors Hyde Park Venture Partners, Hyde Park Angels, and Otter. In conjunction with the funding, Ajay Agarwal, managing director of Bain Capital Ventures, will be joining FourKites’ board of directors.
The company, which has raised $16.5m in total, intends to use the funds to integrate more data sources into its tracking platform, expand internationally, and cover additional transportation modes such as LTL, rail, intermodal, and ocean.
In addition to investing in the core platform, FourKites is also building new applications that harness data collected by its platform to drive efficiency in customers’ supply chain operations and is looking to add more than 100 jobs in the Chicago market in the coming year.
Founded in 2014 by Mathew Elenjickal, CEO, FourKites uses mobile, cloud, and analytics software to provide real-time load tracking across more than 2.5 million trucks. Client includind food manufacturers and distributors, specialty apparel retailers, office supply chain stores, and logistics service providers have deployed the solution to get arrival times, real-time status, and proactive alerts for all their active shipments.