According to Shippeo, all existing investors took part in the new funding round, including Battery Ventures, Partech, NGP Capital, ETF Partners, Bpifrance Digital Venture and SAP.io.
Moreover, new strategic investors were Hong Kong-based LFX Venture Partners and Japan-based Yamaha Motor Ventures. The investment from the latter is said to facilitate Shippeo’s expansion of its operations across Asia-Pacific.
Commenting on the announcement, Shippeo CEO Pierre Khoury said:
“Given the challenging economic climate we find ourselves in, the fact that each of our existing investors took the opportunity to reinvest is a strong vote of confidence in us, thanks to the considerable growth rates and enviable customer satisfaction levels we’ve managed to maintain. Benefitting from the addition of some notable new investors, this fundraising round is the largest ever for a supply chain visibility software in Europe, helping us bolster our sound financial position for many years to come, and accelerating our ongoing North American and APAC expansion, while giving customers and partners confidence in the longevity potential of our partnerships.”
In a press release concerning the investment, Shippeo boasted that its company valuation had grown 70% thanks to a “lean approach to cash burn” that has helped to “preserve a secure financial position and clear path to profitability”.
The company expanded to the US earlier this year and has tripled its workforce to 220 employees.
Also commenting on the announcement was Michael Brown, General Partner at Battery Ventures, who said:
“We see a bright future ahead for Shippeo. The fact that the company continues to attract and deliver for such high-caliber enterprise-level customers is a testament to their team’s focus on customer centricity from product development, through to solution consulting, deployment, and support. What’s more remarkable is that they’ve managed to achieve a market leadership position with comparatively lower funding and better cash efficiency versus some of their direct competitors, due to strong leadership and the highly capable team they’ve attracted.”