Logistics startup Turvo bags $60M Series B Funding led by Mubadala
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, a San Francisco Bay Area startup, is simplifying complexity with one cloud platform that makes it easy to connect and securely share information with anyone, anywhere.
Turvo, the world’s first real-time collaborative logistics platform that connects anyone, anywhere to move things, has secured $60 million in Series B funding led by Mubadala Ventures, a $400 million venture fund that also oversees and manages Mubadala’s $15 billion commitment to the SoftBank Vision Fund. 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. In addition, Turvo also announced that Ibrahim Ajami, Head of Mubadala Ventures, will join the Turvo board.
Founded in 2014 by Eric Gilmore, Jeff Dangelo, and Sai Rajkiran Nagboth, Turvo creates a smarter way for shippers, brokers, and carriers to seamlessly work together to get things done faster. It wants to connect people looking to have things shipped. Turvo works to allow shippers, brokers, and carriers alike to work together in real time using a software interface on their desktops and mobile phones. Its platform enables cross-company collaboration, real-time visibility (its mobile app tracks shipments from dispatch to delivery), and billing and payments (think digital invoices that can be shared instantly, and payments that can be scheduled).
Turvo, the world’s first real-time collaborative logistics platform. Turvo is reinventing logistics with a ground-breaking IoT software platform that creates the “Internet of Shipping”, connecting people, businesses, applications, and devices in one AI-driven solution. Turvo empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions. Turvo simplifies complexity with one cloud platform that delivers cross-company collaboration, real-time visibility, and AI-powered productivity across the entire supply chain. Turvo is based in the San Francisco Bay Area with offices in Hyderabad, India. Turvo empowers everyone across the supply chain ecosystem to seamlessly share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.
“This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business,” said Eric Gilmore, CEO and co-founder of Turvo. “We are excited to partner with world-class investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change.”
“Turvo is a unique example of powerful technology being applied to a critical business challenge,” said 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 (Tony Fadell’s investment and advisory firm), and Upside Partnership continued their support of Turvo’s success by making additional investments in the Series B round.
Mubadala Investment Company actively manages a worldwide portfolio supporting the vision of a globally integrated and diversified economy, through sustainable returns to its shareholder, the Government of Abu Dhabi. Mubadala’s US $225 billion portfolio spans five continents with interests in aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, defense services, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings. Mubadala has over a decade of experience of investing in the technology sector, beginning in 2007 when it acquired a significant stake in Advanced Micro Devices (AMD).