Freight tracker FourKites nets $50 million in funding

The funding increases the Chicago-based startup’s total capital raised to $100.5 million and comes less than a year after it gained $35 million in backing.    Freight-tracking software company FourKites Inc. announced Tuesday it has raised $50 million in new funding, which increased its total capital raised to $100.5 million.
   FourKites, which was founded in 2013, uses real-time data and predictive intelligence to help shippers improve on-time deliveries and optimize the supply chain. The Chicago startup’s network includes more than 200 shippers and currently tracks shipments in 55 countries.
   “We believe in a future where every supply chain is collaborative, intelligent and networked,” said Matt Elenjickal (pictured above), founder and CEO of FourKites. “Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation. This comes at a critical time for the industry as it responds to changing customer expectations, government regulations and cost pressures. As we move into 2019, we’re excited to add more shippers, more carriers and more value to the FourKites network to help accelerate the industry’s transformation.”
   The series C round of investments was led by existing investors August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels. The funding will be used for new applications and capabilities, growing the company’s network of shippers and carriers, and to extend it’s “zero deadhead” initiative, which helps shippers share unused truck capacity.
   The new funding came almost one year after FourKites gained $35 million in backing in February 2018.