Total amount raised
$91.6 Millions
Latest funding date
6/1/2022
Location
Turvo has successfully raised significant funding over multiple rounds, with its most recent being a Series B. The platform offers a collaborative logistics solution designed to unify people, processes, and data across the supply chain.
Keep reading to explore the intricacies of Turvo's fundraising journey and the investors backing this innovative platform.
What Is Turvo?
Turvo, founded in 2014, is headquartered in Sunnyvale, California. The company was established by Eric Gilmore, Jeff Dangelo, and Sai Rajkiran Nagboth.
Turvo offers a collaborative logistics platform that connects freight brokers, 3PLs, shippers, and carriers. Their SaaS cloud transportation management software unifies people, processes, and data, enhancing real-time communication and efficiency.
With a team of 101-250 employees, Turvo continues to revolutionize the logistics industry by providing innovative solutions that streamline operations and improve analytics.
How Much Funding Has Turvo Raised?
- Seed Round
- Amount Raised: $6.6M
- Date: November 2015
- Lead Investors: Felicis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their collaborative logistics platform and establish a market presence.
- Series A
- Amount Raised: $25M
- Date: March 2017
- Lead Investors: Activant Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features for better market penetration.
- Series B
- Amount Raised: $60M
- Date: November 2018
- Lead Investors: Mubadala Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their IoT software platform and create the "Internet of Shipping."
Turvo has raised a total of $91.6M in funding. The current valuation is not publicly disclosed.
Key Investors
- Mubadala Capital Ventures
- Details: Mubadala Capital Ventures is the venture capital arm of Mubadala Investment Company, managing a $400 million venture fund. It oversees Mubadala's $15 billion commitment to the SoftBank Vision Fund.
- Investment Focus Areas: Aerospace, ICT, semiconductors, renewable energy, healthcare.
- Notable Investments: Advanced Micro Devices (AMD), SoftBank Vision Fund.
- Activant Capital
- Details: Activant Capital is a growth equity firm that invests in technology companies. They focus on businesses that are transforming their industries through innovative solutions.
- Investment Focus Areas: Technology, e-commerce, logistics.
- Notable Investments: Bolt, Deliverr, Better.com.
- Felicis Ventures
- Details: Felicis Ventures is a venture capital firm that invests in early-stage technology companies. They are known for backing transformative ideas and supporting founders with a long-term vision.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Shopify, Fitbit, Credit Karma.
- G2VP
- Details: G2VP is a venture capital firm that focuses on technology and sustainability. They invest in companies that are driving the transition to a more sustainable world.
- Investment Focus Areas: Technology, sustainability, energy.
- Notable Investments: Proterra, Carbon, Lime.
- Next47
- Details: Next47 is a global venture firm backed by Siemens. They invest in innovative technology companies that align with Siemens' strategic interests.
- Investment Focus Areas: Technology, industrial automation, energy.
- Notable Investments: Verkada, Markforged, Verkada.
What's Next for Turvo?
Turvo stands at the cusp of a transformative era in logistics, driven by the burgeoning opportunities in IoT and AI. The platform's vision of creating an "Internet of Shipping" promises to revolutionize real-time collaboration and decision-making across the supply chain. With the global logistics market projected to reach $15 trillion by 2023, Turvo's potential for growth is immense.
Future fundraising seems promising, given the substantial backing from Mubadala Ventures and other high-profile investors. However, challenges such as integrating diverse systems and ensuring data security loom large. As Turvo navigates these hurdles, its innovative approach and strategic partnerships will be crucial in maintaining its competitive edge.
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