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February 6, 2019 11:00 AM, EST

FourKites Receives $50 Million in New Funding From Investors

Shipment-tracking company FourKites has collected $50 million in funding from a group of existing investors that includes August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels.

The new funding brings to $100.5 million the capital raised since the Chicago company’s founding in 2014.

FourKites said the money will be used to expand its supply chain platform and grow its global network of shippers and carriers.

“We believe in a future where every supply chain is collaborative, intelligent and networked,” CEO Matthew Elenjickal said in a statement Feb. 5. “Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation.”

FourKites tracks shipments in 55 countries in North America, South America, Europe and Africa. Users include AB InBev, Conagra Brands, Kraft Heinz, Nestle, Perdue Foods, Unilever and Land O’Lakes Inc.

Ajay Agarwal, a partner at Bain Capital, said the growth of FourKites reflects the rapid adoption of shipment tracking in the market.

“As the network grows, the predictive capabilities get stronger, enabling more ways to optimize and transform supply chains for the future,” he said.

FourKites now has more than 300 employees in the United States and Chennai, India, plus operations in Mexico, Brazil, Poland and the United Kingdom. — Transport Topics