An integrated digital supply chain and freight platform from London, Beacon, has raised over $50 million (nearly £37 million) in an oversubscribed Series B round with expansion plans.
Eyes global expansion
The investment round was led by Northstar.vc along with participation from a new investor Upper90. Also, existing investors, including Jeff Bezos, the founder and executive chair of Amazon, Marc Benioff, founder, chairman and CEO of Salesforce, and leading US venture capital firms 8VC and Expa participated in the round.
Notably, Beacon completed the Series A round back in early 2020. The fresh capital will be used to grow the team, continue the development of Beacon’s technology and expand into new markets.
Beacon co-founder and CEO Fraser Robinson said: “We are extremely pleased with the progress to date, and this latest round of investment, from some of the leading names in business and technology, is an endorsement of our strategy and rapid growth. These new funds will enable us to further accelerate growth by continuing to invest in our people and platform so that we can continue our mission to revolutionise the global supply chain.”
Amir Karimpour, Managing Partner at Northstar.vc, said: “At Northstar, we back technologies that have the potential to alter the trajectory of their respective industries, and Beacon’s game-changing platform has the potential to transform supply chains globally. We are excited to partner with Beacon’s world class team as they continue to expand and create value for their customers.”
Witnesses massive growth
Founded in 2018 by Fraser Robinson and Dmitri Izmailov, former Uber executives, Beacon has experienced hyper growth due to the surge in customer demand. Its revenue has grown 12x in the last 12 months and the time size has increased to 180 from 24 and it focuses on expanding into Asia with a new office in Hong Kong.
Beacon works with the mission to help businesses optimise their supply chains with end-to-end visibility, payments, and insights. In a recent development.
The digital transformation of logistics, and supply chains more broadly, had begun before the onset of COVID-19, but the pandemic has accelerated this evolution. The company offers a full range of services, including global ocean, air and road freight, customs clearance, insurance, reporting, data insights and supply chain finance, all accessed and managed in a single platform.
From bookings to order management and live tracking, Beacon’s secure cloud-based software connects the key players and milestones in customers’ supply chains to provide a central combined view, and actionable insights.