SAN FRANCISCO, Nov. 8, 2018 /PRNewswire/ -- Turvo, the world's first real-time collaborative logistics platform, announced today it has 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 is revolutionizing 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.
"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'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," 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.
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. The platform works across the entire supply chain and includes the following features:
Cross-Company Collaboration: Turvo keeps everyone on the same page across the supply chain ecosystem by making it easy to share shipments and documents, send messages, and assign tasks to people both inside and outside the organization, reducing back-and-forth phone calls and emails.
Real-Time Visibility: Turvo tracks shipments in real-time from dispatch to delivery using the Turvo mobile app and hardware sensors, giving companies unprecedented transparency into their supply chain.
Billing and Payments: With a single collaborative platform, digital invoices can be shared instantly and payments can be scheduled automatically, eliminating emails and faxes so everyone gets paid faster.
Security and Privacy: Turvo is secure by design and built on an enterprise-grade cloud platform. Granular privacy controls ensure users always control who can see what.
About Turvo Turvo, the world's first real-time collaborative logistics platform. Turvo is revolutionizing 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. For more information visit www.turvo.com.
About Mubadala Investment Company (Mubadala) 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).
Mubadala Ventures sits within Mubadala Capital, the company's financial investment division. With headquarters in San Francisco, California, Mubadala Ventures oversees and manages Mubadala's $15 billion commitment to the SoftBank Vision Fund, Mubadala Ventures Fund I – a US-focused early stage venture fund, and a fund of funds program that includes Data Collective, 8VC, Foundry Group, and Upfront Ventures as a part of its funds portfolio.
Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to ethics and world-class standards. For more information about Mubadala, please visit: www.mubadala.com