A supply chain visibility and communication company has secured $8.25 million in Series B funding from Techstars Venture Capital Fund, RPM Ventures, and other investors in a round of funding just announced. The new investments bring the total funding to $15.75 million for Convey, which describes itself as a “customer-centric delivery platform.”
Austin, TX-based Convey said it will use the money to pursue new market opportunities beyond is retail base. Current customers include Build.com, BuildDirect, Power Equipment Direct, ShoppersChoice.com, Vitalize and Jet.com, which was purchased last year by Walmart to power its e-commerce needs.
“Our early momentum in 2017 is a direct result of the shifting tide in today’s supply chain operations – from a core focus on cost efficiency to customer-centric decisions designed to create better outcomes,” said Rob Taylor, CEO of Convey. “This latest funding will allow us to pursue new opportunities that help the world’s largest retailers, manufacturers and 3PLs reinvent and grow their businesses.”
The company has been reaching out to new markets, recently signing an agreement with Ingram Micro Commerce & Fulfillment, a global commerce and logistics provider, to integrate its Convey Engage and Convey Initiate products with Ingram Micro Commerce & Fulfillment’s First and Final Mile solution.
Convey’s products provide “end-to-end supply chain visibility and management from international points of origin to final mile delivery,” making them a fit for supply chain businesses looking for more visibility and communication throughout their operations.
“Convey continues to exceed expectations in developing innovative solutions that help retailers and 3PL providers improve delivery outcomes,” said Jason Seats, managing partner at Techstars Venture Capital Fund, who is joining the Convey board. “Their impressive bookings growth and continued customer momentum demonstrate the high-demand for visibility and delivery management solutions that connect the dots between customers, shippers and carriers.”
In a release, Convey said it has seen 157% year-over-year growth in new customers through August and a 340% increase in new bookings. It is targeting construction and building materials, medical devices and pharmaceuticals markets with its first to final mile visibility and delivery management products.
Convey’s Engage solution tracks shipments in real time and can determine if the shipment is on time or behind schedule, where it is located – including whether is crossing an ocean or on a same-day carrier – so that shippers can actively manage their shipments. It also allows communication with customers through notifications and alerts and delivery exception management while maintaining detailed shipment records that can be accessed through “Google-like search.”
The Initiate solution allow for monitoring of carrier performance, including operational, financial and experiential performance with dynamic scorecards for lanes, service levels or shipments. It also helps shippers choose the correct carrier for the load. It also works to smooth the return process with reverse logistics functionality to initiate returns for both parcel and freight.
Convey added that its solutions have collected and analyzed more than 448,000 exceptions and “over 127,000 shipments having been escalated for action and resolution. Data shows that customers using Convey’s solutions realize a 5 times increase in visibility into shipment exceptions and an 11% average savings on freight costs,” the company said.