US-headquartered logistics management software developer FarEye has received $100m in a series E round that included industrial product manufacturer Honeywell.
The round was co-led by growth equity firm TCV and investment firm Dragoneer Investment Group and also featured growth equity vehicle Fundamentum Partnership and Eight Roads Ventures, a subsidiary of investment and financial services group Fidelity.
Founded in India in 2013, FarEye provides a software platform that lets retailers manage the delivery of goods and services. It can be used to oversee deliveries by both in-house logistics operations and third-party service providers.
The company claims it processes more than 100 million transactions per month on the platform and supports the work of over 25,000 drivers.
Kushal Nahata, FarEye’s co-founder and chief executive, said: “Our ambition is to enable thousands of businesses to provide Amazon Prime-like delivery experience and we aim to drive innovations that reimagine how deliveries are being managed globally.”
The proceeds of the round will enable FarEye to build up its software platform, recruit new talent and continue its expansion in Europe and North America.
The company closed its series D round at $37.5m with a $13m tranche in August 2020 featuring Fundamentum Partnership and KB Investment’s KB Global Platform Fund.
M12, the corporate venture capital arm of software producer Microsoft, led a $25m first close for the round in April 2020, investing with Honeywell Ventures, a corporate VC subsidiary of Honeywell, as well as Eight Roads Ventures and SAIF Partners.
FarEye had picked up $9.6m of series C funding from logistics services provider Deutsche Post DHL in 2018, after raising $500,000 from Indian Angel Network in 2014 and $3.5m from SAIF Partners two years later.