KlearNow, a Santa Clara, Calif.-based smart Logistics as a Service (LaaS) company, raised $50M in Series B funding.
The round was led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, with participation from existing investors GreatPoint Ventures, Argean Capital, and Autotech Ventures, and new backer Activate Capital.
The company intends to use the funds to accelerate its technology development and deployment, geographical expansion, and talent investments.
Founded in 2018 by Sam Tyagi, CEO, KlearNow provides a smart Logistics as a Service (LaaS) platform that connects data, people, processes, and organizations to enable new levels of visibility and productivity that reduce logistics costs and create better customer experiences. The AI-powered platform eases import/export burdens by digitizing and streamlining complex paper-based logistics processes—reducing manual entry times and human errors.
KlearNow recently added a drayage marketplace to its smart LaaS platform to support drayage companies facing planning and scheduling challenges and importers demanding extended visibility. With both customs clearance and drayage marketplaces, the company provides a single view of multi-leg shipments from port of lading to the warehouse.
Since its $16M Series A funding round led by GreatPoint Ventures in January 2020, KlearNow has grown increasing its customer base tenfold and its monthly revenue run rate by more than 50 times. During this time, the company has expanded into Canada, and launched its UK service in January 2021 to support UK and EU businesses operating in the post-Brexit landscape.