Supply chain platform Beacon raises $50m

Digital supply chain and freight platform, Beacon has raised over $50 million in its Series B round.

The round was led by Northstar.vc, with Upper90 also participating as a new investor. The round follows on from $15 million Series A, announced in June 2020, which was led by Jeff Bezos, the Amazon founder and 8VC.

Beacon said the fresh capital would be used to continue to grow its team, continue the development of Beacon’s technology and expand into new markets.

Since completing its Series A in early 2020, Beacon has grown as a result of surging customer demand. It has also increased headcount from 24 to 180 and has expanded into Asia with a new office in Hong Kong.

Existing investors also participated in the Series B round, including Bezos, Marc Benioff, founder, chairman and CEO of Salesforce, as well as leading US venture capital firms 8VC and Expa.

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 said.

The continuing shift to online retail, combined with sky-high freight rates and consumer demand for faster, more reliable delivery times, has placed extraordinary pressure on businesses and their supply chains.

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.”

He added: “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.”

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