Volvo Group Venture Capital invests in supply chain visibility platform
On March 24, 2021, Volvo Group Venture Capital announced its investment in FourKites, a leader in real-time supply chain visibility. This partnership aims to drive innovation and enhance supply chain services. FourKites tracks over one million shipments daily, boasting 120% year-over-year growth, with 450,000 connected carriers. Despite the positive implications for growth, the investment is stated to have no significant impact on Volvo Group's earnings. The focus areas for investment include logistics services, site solutions, and electrical infrastructure across Europe and North America.
- Volvo Group Venture Capital's investment in FourKites may accelerate innovation in supply chain solutions.
- FourKites reports 120% year-over-year growth and tracks over one million shipments daily.
- None.
GÖTEBORG, Sweden, March 24, 2021 /PRNewswire/ -- FourKites pioneered real-time supply chain visibility in 2014 and has since built the world's largest platform that helps leading brands to reduce their operating costs, improve on-time performance and create better customer relationships. The company tracks over one million shipments daily across 176 countries, with over 120 percent year-over-year growth.
"We see FourKites as a valuable partner in our discussions on developing new services because of their strong real-time visibility capabilities," said Dan Tram, Investment Director at Volvo Group Venture Capital. "We think that supply chain visibility will become an industry standard and believe that customers will expect it in new supply chain solutions. FourKites is well-positioned to provide these capabilities with their 450,000 connected carriers across different modes."
"We are thrilled to partner with Volvo Group Venture Capital in this latest funding round. This will help to accelerate our growth and enable us to bring new innovative solutions to market," said Mathew Elenjickal, founder and CEO of FourKites.
The role of Volvo Group Venture Capital is to make investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.
Against the background of the trends shaping the future of transportation and the strategic priorities of the Volvo Group, the key areas of investment for Volvo Group Venture Capital are currently logistics services, site solutions and electrical infrastructure. The organisation has a global scope but focuses on Europe and North America.
The transaction has no significant impact on the Volvo Group's earnings or financial position.
March 24, 2021
Journalists wanting further information, please contact
Claes Eliasson, Volvo Group Media Relations, +46 76 553 72 29
For more information, please visit volvogroup.com
The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs almost 100.000 people and serves customers in more than 190 markets. In 2020, net sales amounted to about SEK 338 billion (EUR 33.6 billion). Volvo shares are listed on Nasdaq Stockholm.
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SOURCE AB Volvo
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