EXCLUSIVE: Shippeo lands $30M to further its North American and Asia-Pacific ambitions

Paris-based visibility provider Shippeo announced Wednesday it has secured $30 million in strategic funding led by Toyota’s growth fund Woven Capital as the company aims to accelerate its expansion in North American and Asia-Pacific (APAC) markets. The round also included participation from existing investors Battery Ventures, Partech, NGP Capital, Bpifrance Digital Venture, LFX Venture Partners, Shift4Good and Yamaha Motor Ventures.

“Across the board, the level of risk on the supply chain of our customers is increasing dramatically, and they need to manage that more efficiently and in a more proactive way. … There is also a competitive situation in the North American market that is playing in our favor because our customers are now asking for alternative, credible solutions, and that is driving growth opportunities for us in that market,” co-founder Lucien Besse told FreightWaves in an interview.

The company last raised funds from its existing investors in 2023 to fuel growth in these regions as well. Shippeo has raised a total of $140 million since its founding in 2014, according to the company.

While the company could not confirm its valuations post-investment, a company representative clarified to FreightWaves that “it has grown significantly compared to our previous rounds.” Investment analyst site Pitchbook puts its last funding round valuation at $154 million.

Founded in France, Shippeo provides real-time transportation visibility, tracking over 90 million shipments annually across 150 countries. The platform’s capabilities extend across all transport modes, offering precise tracking and predictive ETAs by integrating with more than 228,000 carriers and 1,100 systems, including transportation management systems and enterprise resource planning tools, according to the company.

Opportunities in North America and APAC

Shippeo officials told FreightWaves that year over year, growth in North America has included a 40% increase in customers, a 92% rise in shipments tracked and 210% year-over-year revenue growth in the region. While doing so, it has grabbed major brands including Amazon and Yamaha Motor North America through technology transparency and leveraging its strategic partnerships with companies like e2open, SAP and Google.

During a conversation with FreightWaves, Besse and Chris Mazza, senior vice president of International Growth, explained that there are key differences between the North American and European markets when it comes to the technology landscape for supply chain visibility solutions.

Mazza called the North American market more “sophisticated” when it comes to real-time transportation visibility, transportation management systems and the use of technology in logistics as a whole. Customers in the U.S. are already familiar with visibility solutions and know what to expect from them and have experiences from which to make comparisons, good or bad, with other providers. This allows Shippeo to focus more on differentiating through data quality and delivery excellence.

“In mature markets like the U.S., data accuracy and completeness are critical to building trust and delivering value,” Besse emphasized.

“We had one customer, a large American commodities mover, with concerns with visibility of over-the-road movements. Their tracking rate was around 60% when they were promised somewhere closer to 90% but the data just never got them there.”

Funding details	Shippeo
Funding amount	$30 million
Funding round	Strategic funding (7th round)
Lead investor	Woven Capital
Secondary investors	Battery Ventures, Partech, NGP Capital, Bpifrance Digital Venture, LFX Venture Partners, Shift4Good and Yamaha Motor Ventures
Business goals for the round	Continue fueling expansion into North American and APAC regions, enhance visibility platform and partnerships
Total funding	$140 million

Mazza stressed the importance of developing a deep understanding of the customer’s operational process and relationships with their carrier partners. This is crucial to being able to achieve the highest possible data quality, he said.

By taking the time to gain this operational insight, Mazza explained, the company was able to get the customer’s truckers connected and running, which dramatically improved the tracking rate. The customer had previously achieved only 50%-60% tracking but was able to raise that to 85%-90%, and in some cases, even 90%-95%.

In APAC, Shippeo has also seen a 53% increase in customer base and 64% growth in shipments tracked, with notable customers including Fujifilm and Philip Morris International. The company looks to lean into its relationship with investor Woven to continue its growth in the region.

Despite its achievements, Shippeo in the past has faced significant competition from established players like project44 and FourKites, both of which have a stronger presence in North America. Critics argue that Shippeo’s resources and scale may fall short of meeting the needs of large global enterprises. However, the company officials say its ability to deliver high-quality data and foster strong partnerships sets it apart in a crowded market.

Besse acknowledged the competitive challenges but expressed confidence in Shippeo’s strategy.

“Operating in a collaborative ecosystem of partners has always been part of our DNA. We completely understand that the challenges that our customers are trying to solve cannot be achieved with one solution. At the end of the day, visibility brings one part of the puzzle but doesn’t complete the puzzle. If you want to be successful in the transformation of the customers, you need to operate multiple solutions,” he explained.

By leveraging its European expertise and adapting to regional market demands, Shippeo aims to carve out a significant share of the North American and APAC markets from its competitors.

With the new funding, Shippeo plans to invest in sales and marketing efforts for acquiring that market share while continuing to enhance its platform’s capabilities. The company’s road map includes advanced features for risk management and sustainability, along with ongoing improvements in data quality and connectivity.