Tive raises $54 million to expand shipment tracking sales globally
Supply chain visibility provider Tive announced on Monday that it has closed a $54 million Series B funding round led by AXA Venture Partners with participation from existing investors RRE Ventures, Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, Broom Ventures and Supply Chain Ventures. New investors included Sorenson Capital, Qualcomm Ventures, Fifth Wall, SJF Ventures and Floating Point Ventures.
Tive’s multi-sensor trackers leverage cellular, GPS and Wi-Fi for real-time visibility and alerts of changing shipping conditions. Combined with Tive’s software-as-a-service application, customers can receive visibility analytics for all modes of transportation with 95% global coverage, according to the company.
“We have a huge opportunity to let the world know that a tracking solution like this exists. We’re going to take this funding and make sure it happens,” said Tive Founder and CEO Krenar Komoni.
Customers can also leverage shipping data from the Open Visibility Network, which Tive founded in 2019 and now includes data partnerships with project44, FourKites, TransVoyant, Fayre, MarineTraffic and Everstream Analytics.
“Tive has evolved at an impressive pace, decisively executing its vision where everything and everyone is connected. Supply chain visibility has become essential to solving large-scale problems in today’s world. , and Tive has become the global market leader,” said Alex Scherbakovsky, General Partner at AXA Ventures Partners. “The breadth of data offered by Tive and the ease of access for shippers, logistics providers and carriers are the best in their category. We are confident that Tive’s next-generation solution and high-value network will continue to drive massive growth. »
|Funding amount||$54 million|
|lead investor||AXA Venture Partners|
|Secondary investors||RRE Ventures, Two Sigma Ventures, NextView Ventures, Hyperplane Ventures, Broom Ventures, Supply Chain Ventures, Sorenson Capital, Qualcomm Ventures, Fifth Wall, SJF Ventures and Floating Point Ventures|
|Trade goals for the round||Expand sales and marketing teams globally and pursue hardware and software product development.|
|Total funding||$81.59 million*|
In an interview with FreightWaves, Komoni described the importance of the company’s new investor relationships, as each will play a role as Tive continues to grow and deliver more value to its customers.
For example, the relationship with AXA Venture Partners, the investment arm of European multiline insurance company AXA, could be helpful if Tive creates a cargo insurance offering for its clients.
“[AXA] is one of the largest insurance companies in the world,” Komoni said. “It’s not an immediate concern but in two or three years, [the partnership] could be very interesting for us in the area of cargo insurance. »
Komoni said Sorenson Capital’s investments in the Internet of Things have provided a number of large retailers with their current warehousing technologies, and Qualcomm Ventures provides the chip technology behind Tive’s trackers.
After revenue growth of more than 300% and the acquisition of more than 200 new customers in 2021, this new injection of capital will allow Tive to continue to develop its customer base globally by expanding its sales teams and current marketing and continuing to develop its hardware and software products, Komoni mentioned.
Watch Now: Fuller Speed Ahead – Tive CEO and Founder Krenar Komoni
You might also like:
Open Visibility Network adds weather information through new partnership
Former FedEx executives bring visibility to ‘moving stock’
Aircon’s “Cargo People Building Technology” to Optimize Air Cargo
FREIGHTWAVES’ Top 500 For-Hire Carriers list includes FedEx (#1).
Sign up today for the Future of Supply Chain #FOSC22
Leading supply chain voices will travel to Rogers, Arkansas, May 9-10.
*Limited time pricing available.