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Mubadala unit invests $60m in US logistics platform

ABU DHABI, November 12, 2018

US-based Turvo, the world’s first real-time collaborative logistics platform, has closed $60 million in Series B funding led by Mubadala Ventures, the San Francisco-based venture capital arm of Mubadala Investment Company.

Turvo also added new investors G2VP and Next47, the Siemens-backed global venture firm. These funds bring the total investment in the company to nearly $100 million, solidifying Turvo as the new standard in end-to-end visibility and collaboration for the logistics and supply chain industry, said a statement from the company.

Turvo is revolutionising logistics with a ground-breaking IoT software platform that creates the “Internet of Shipping”, connecting people, businesses, applications, and devices in one AI-driven solution.

Turvo empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.

Eric Gilmore, chief executive officer and co-founder of Turvo, said: “This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business.”

“We are excited to partner with world-class investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change,” he added.

Turvo’s Series B funding was led by Mubadala Ventures, a $400 million venture fund that also oversees and manages Mubadala’s $15 billion commitment to the SoftBank Vision Fund, said statement.

Ibrahim Ajami, Head of Mubadala Ventures, will join the Turvo board, it added.

Ajami said: “Turvo is a unique example of powerful technology being applied to a critical business challenge.”

“We’re very excited to lead the investment and bring Mubadala’s global ecosystem and assets to help Turvo transform a massive industry,” he added.

Existing investors Activant Capital, Felicis Ventures, Future Shape (Tony Fadell’s investment and advisory firm), and Upside Partnership continued their support of Turvo’s success by making additional investments in the Series B round.

Logistics touches every aspect of people’s daily lives and by 2023 the global logistics market is estimated to reach $15 trillion. Yet companies that need to move things from A to B still use archaic technology, operate in siloes, and perform countless redundant and manual tasks.  
Turvo simplifies complexity with one cloud platform that makes it easy to connect and securely share information with anyone, anywhere. The platform works across the entire supply chain and includes the following features:

• Cross-Company Collaboration: Turvo keeps everyone on the same page across the supply chain ecosystem by making it easy to share shipments and documents, send messages, and assign tasks to people both inside and outside the organisation, reducing back-and-forth phone calls and emails.
• Real-Time Visibility: Turvo tracks shipments in real-time from dispatch to delivery using the Turvo mobile app and hardware sensors, giving companies unprecedented transparency into their supply chain.
• AI-Powered Productivity: Smart notifications, instant search, contextual actions and AI-driven recommendations empower smarter, faster decisions.
• Billing and Payments: With a single collaborative platform, digital invoices can be shared instantly and payments can be scheduled automatically, eliminating emails and faxes so everyone gets paid faster.
• Security and Privacy: Turvo is secure by design and built on an enterprise-grade cloud platform.  Granular privacy controls ensure users always control who can see what. – TradeArabia News Service




Tags: | Mubadala | $60m | Series B funding |

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