FourKites Receives $10M Strategic Funding from Mitsui & Co. to Remodel Provide Chains in APAC
Main provide chain visibility firm FourKites right this moment introduced a $10M funding from Mitsui & Co., Ltd. to develop FourKites’ choices throughout the APAC area. This funding encompasses the primary part in an ongoing strategic relationship between FourKites and Mitsui, which the 2 corporations intend to formalize by the top of the 12 months.
Mitsui’s funding in FourKites is the end result of a yearlong effort between the 2 corporations, which included Mitsui’s intensive due diligence of the provision chain visibility panorama. Given FourKites’ market-leading choices and confirmed observe file within the area, Mitsui is planning to take a position important assets to develop FourKites’ protection in APAC, together with gross sales, customer support, operations and product localization, which is able to lead to a hyper-localized answer for the APAC market. The strategic partnership will initially concentrate on Japan, with plans to collectively develop all through APAC.
Mitsui is the newest business big to throw its weight behind FourKites, following strategic investments from FedEx, Zebra Applied sciences, Volvo Group Enterprise Capital AB and Qualcomm Ventures, LLC, over the previous two years. Mitsui — a worldwide conglomerate with 16 enterprise models throughout 63 nations — makes use of its world working places, community and data assets to multilaterally pursue enterprise that ranges from product gross sales, worldwide logistics and financing, worldwide infrastructure improvement and past.
“We’re excited to associate with FourKites to deliver improved provide chain visibility and effectivity to operations in all industries and all nations all through APAC,” mentioned John Kenichi Kogiku, Normal Supervisor of Digital Answer Enterprise Division at Mitsui. “FourKites and Mitsui share a tradition of innovation, integrity and collaboration, and a broader imaginative and prescient for remodeling world provide chains. We’re trying ahead to working with FourKites to attain our mutual targets via digitization and automation.”
The joint initiative with Mitsui is the newest strategic transfer in FourKites’ growth within the APAC area. The corporate at present tracks worldwide shipments in 44 nations and territories in APAC, and during the last 12 months, FourKites has seen:
● 240% development in shipments tracked
● 91% development in new APAC clients
● 70% development within the variety of carriers monitoring masses in APAC
● 30% development within the variety of ports tracked in APAC, now totaling 270 ports within the area
● 315% development within the variety of services tracked in APAC, now totaling 7,000 services
“As a worldwide logistics hub, corporations all through APAC are making important investments in provide chain transformation,” mentioned FourKites founder and CEO Mathew Elenjickal. “Given this development trajectory, we’re honored that Mitsui has chosen FourKites as a associate to deliver unprecedented ranges of visibility to the APAC area. We’re thrilled to welcome Mitsui into our powerhouse community of strategic buyers who’re working collectively to revolutionize provide chains world wide.”
Mitsui’s funding in FourKites comes on the heels of a number of important strategic investments from main companies which have invested within the firm to drive the way forward for digital provide chains. In June, FourKites introduced a strategic funding from FedEx, which the corporate will leverage to develop FourKites X, an enhanced visibility platform that transforms world provide chains with information insights from each corporations’ networks. In 2021, FourKites introduced strategic investments from Qualcomm Ventures, LLC, Volvo Group Enterprise Capital AB and Zebra Applied sciences, whereby the business leaders are working collectively towards automated, interconnected and collaborative world provide chains, spanning transportation, warehouses, shops, vans and extra.
Main provide chain visibility platform FourKites extends visibility past transportation into yards, warehouses, shops and past. Monitoring greater than 2.8 million shipments every day throughout street, rail, ocean, air, parcel and courier, and reaching over 200 nations and territories, FourKites combines real-time information and highly effective machine studying to assist corporations digitize their end-to-end provide chains. Greater than 1,100 of the world’s most acknowledged manufacturers — together with 9 of the top-10 CPG and 18 of the top-20 meals and beverage corporations — belief FourKites to rework their enterprise and create extra agile, environment friendly and sustainable provide chains. To be taught extra, go to https://www.fourkites.com/.
Mitsui & Co., Ltd. (8031: JP) is a worldwide buying and selling and funding firm with a diversified enterprise portfolio that spans roughly 63 nations in Asia, Europe, North, Central & South America, The Center East, Africa and Oceania. Mitsui has about 5,500 workers and deploys expertise across the globe to determine, develop, and develop companies in collaboration with a worldwide community of trusted companions. Mitsui has constructed a robust and numerous core enterprise portfolio overlaying the Mineral and Metallic Sources, Power, Equipment and Infrastructure, and Chemical substances industries.
Leveraging its strengths, Mitsui has additional diversified past its core revenue pillars to create
multifaceted worth in new areas, together with revolutionary Power Options, Healthcare & Vitamin and thru a strategic concentrate on high-growth Asian markets. This technique goals to derive development alternatives by harnessing among the world’s primary mega-trends: sustainability, well being & wellness, digitalization and the rising energy of the buyer.
Mitsui has an extended heritage in Asia, the place it has established a various and strategic portfolio of companies and companions that provides it a robust differentiating edge, offers distinctive entry for all world companions to the world’s quickest rising area and strengthens its worldwide portfolio. For extra info on Mitsui & Co’s companies go to www.mitsui.com.
