FourKites Raises $35M as It Lines up More Big-Name Customers

Chicago logistics startup FourKites just snagged some new funding to expand and improve its technology that helps trucking companies predict shipping times.

FourKites announced Tuesday that it has raised $35 million in new funding in a round led by August Capital, a Menlo Park, CA-based venture firm that has also invested in Chicago startups Avant and Rocketmiles.

The news, first reported by the Wall Street Journal, comes as the startup has grown quickly since launching in 2014. It previously raised a $13 million Series A in 2016, and its customers include some of the largest shippers in the world, like Kraft Heinz, Nestlé, Best Buy, Penske and Staples. FourKites also recently signed international deals with Unilever and AB InBev.

The startup has grown to 160 employees, with plans to double that this year, according to the WSJ.

FourKites’ software helps companies predict when shipments will arrive at scheduled stops. It can also monitor load temperatures and analyze a company’s supply chain data. The goal, the company says, is to help businesses improve on-time delivery and minimize product loss.

Investors in FourKites’ latest round of funding also include previous backers Bain Capital Ventures and Hyde Park Venture Partners. Hyde Park Venture Partners led FourKites’ seed round in 2015.

Originally featured in Chicago Inno.