Cloud-based logistics company Blume Global announced Wednesday it has raised new equity from Bridgepoint Group to continue its work to digitize customers’ supply chains, driving down waste and inefficiencies through automation and visibility applications.
While Blume Global did not disclose the amount of capital it received from Bridgepoint, which joins existing equity investors Apollo Global Management (NYSE:APO) and EQT, it did reveal the transaction now takes the value of the company to $500 million.
“Solving supply chain complexity and providing visibility into the movement of goods has never been more business critical,” said Rohit Dhote, managing director at Bridgepoint Credit. “Blume Global is at the forefront of enabling multimodal supply chains through its leading cloud-based order management, TMS and real-time visibility solutions. We’re excited to partner with Blume Global, its management team, Apollo and EQT to support the company through its next stage of growth.”
Founded in 2018, Blume Global has remained outspoken about providing a platform that not only brings supply chains into the digital world but uses that technology to reduce the amount of waste plaguing logistics operations across the globe.
“Blume Global provides companies with business-critical supply chain and logistics solutions, playing an important role in creating a more sustainable global supply chain,” said Justin Korval, a partner at Apollo. “We’re pleased to support [CEO] Pervinder [Johar] and the Blume Global team as they continue to scale the business and welcome additional blue-chip investors like Bridgepoint.”
In May, the company announced it was now carbon neutral and purchasing carbon credits to offset its previous years’ carbon footprint.
Using reload and capacity optimization strategies, Blume Global works with customers to expose their individual carbon footprints and reduce those emissions through visibility tools in its platforms.
Related article: How Blume Global reached net-zero emissions
These initiatives, along with its holistic, international transportation management system, have led to 100% year-to-date annual booking growth, supported by 100 new employees added throughout the United States, Europe, India and Hong Kong, according to the company.
“Almost all of our customers are looking for a supply chain digital platform and state-of-the-art applications for real-time visibility, transportation management and supply chain orchestration,” Johar told FreightWaves.
“The real-time visibility, predictive ETA capabilities and exception management have been some of the immediate pain points of our customers, and they have been successfully able to use the platform to solve these challenges,” he explained.
With its new equity capital, Blume Global plans to add more members to its team to continue growing its suite of products to service ocean carriers, railroads, freight forwarders and shippers in the technology, retail, automotive and industrial manufacturing segments.
“Over 80% of our [recent] hires were for research and development, engineering and implementation functions. We have open positions for all areas of the company including research and development, sales, marketing and other customer-facing roles,” said Johar.