Beacon, the digital supply chain and freight platform, has raised over $50 million in its Series B round, led by Northstar.vc. Upper90 also participated as a new investor. The fresh capital will be used to grow the team, continue the development of Beacon’s technology and expand into new markets.
Existing investors also participated in the Series B round, including Jeff Bezos, the founder and executive chair of Amazon, Marc Benioff, founder, chairman and CEO of Salesforce, as well as US venture capital firms 8VC and Expa.
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. We established Beacon to transform how businesses manage their supply chain and logistics operations. Since then, the COVID-19 pandemic has brought into the spotlight the importance of resilient, reliable, and transparent global supply chains, which has only served to reinforce the need for our technology and service. We have seen high levels of demand throughout the pandemic, and in the last year we have significantly grown our team, product and geographical presence in order to meet this demand, while providing first-class customer service. 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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.