Shippeo, a France-based shipping analytics software developer, has pulled in $32m through a funding round co-led by NGP Capital, the venture capital firm backed by communications technology provider Nokia.
Technology investment firm Battery Ventures also co-led the round, with ETF Partners, Partech and BPIfrance Digital Venture, a venture capital arm of state-owned investment bank BPIfrance.
Founded in 2014, Shippeo provides a software platform for the freight industry that uses real-time data and artificial intelligence technology to track goods throughout the shipping process. It tracks 10 million loads per year that are connected to more than 140,000 carriers in more than 70 countries.
The proceeds will go towards cementing Shippeo’s position in the market as well as product development. It has raised $71m of funding in total.
Frst, the venture capital fund previously known as Otium Venture, led a $2.3m seed round for Shippeo in 2016 and co-led its $11.8m series A with Partech the following year.
Shippeo then raised $21.8m in a February 2020 series B round co-led by NGP Capital and ETF Partners, with participation from Partech and BPIfrance Digital Ventures.