A London-based logistics start-up backed by Amazon founder Jeff Bezos has raised £37 million to fuel the expansion of faltering global supply chains.
Beacon launched in 2018 and uses AI and cloud-based technology to help companies make their international supply chains more efficient.
It counts Bezos among participants in a Series B funding round led by established investor Northstar.vc. Salesforce CEO Marc Benioff also joined in on the increase, which follows a $15 million Series A in early 2020.
The pandemic has wreaked havoc on global supply chains. A sharp rise in raw material costs, as well as increased shipping and trucking costs, have hit margins for companies large and small around the world in recent months.
Beacon, launched by former Uber executives Fraser Robinson and Dmitry Izmailov, has seen “hyper growth” over the past year as demand for its platform increased amid ongoing disruption.
Revenue has grown 12 times over the past 12 months, and the team has grown from 24 to 180.
The start-up said on Monday that the new capital would be used to further grow its team, continue developing its technology and expand into new markets.
Its platform allows companies to solve sea and air freight, customs paperwork and other essentials such as insurance for cargo online on a single platform.
Robinson, CEO of Beacon, said: “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 founded Beacon to transform the way businesses manage their supply chain and logistics operations. Since then, the COVID-19 pandemic has brought to the limelight the importance of resilient, reliable and transparent global supply chains that have only We have worked to reinforce the need for our technology and service.”
Amir Karimpur, Managing Partner, Northstar.VC, said: “Beacon’s game-changing platform has the potential to transform supply chains on a global scale.”