Turvo, a real-time collaborative logistics platform, recently announced it had 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.
Turvo's IoT software platform creates the "Internet of Shipping" which connects people, businesses, applications, and devices in one AI-driven solution and empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.
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"This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business," stated Eric Gilmore, CEO and co-founder of Turvo. "We are excited to partner with investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change."
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. Ibrahim Ajami, Head of Mubadala Ventures, will join the Turvo board.
"Turvo is a unique example of powerful technology being applied to a critical business challenge," added Mr. Ajami. "We're very excited to lead the investment and bring Mubadala's global ecosystem and assets to help Turvo transform a massive industry."
Existing investors Activant Capital, Felicis Ventures, Future Shape, and Upside Partnership continued their support of Turvo's success by making additional investments in the Series B round.
One Collaborative Cloud for Logistics
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.
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