Turvo, the world’s first real-time collaborative logistics platform, has announced it has closed $60 million in Series B funding led by Mubadala Ventures, the San Francisco-based venture capital arm of Abu Dhabi's Mubadala Investment Company.
Turvo said it 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.
Turvo said in a statement that it is revolutionising logistics with a ground-breaking software platform that creates the “Internet of Shipping”, connecting people, businesses, applications, and devices in one AI-driven solution.
“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, who will join the Turvo board, said: “Turvo is a unique example of powerful technology being applied to a critical business challenge. We’re very excited to lead the investment and bring Mubadala’s global ecosystem and assets to help Turvo transform a massive industry.”
The investment comes as the global logistics market is estimated to reach $15 trillion by 2023.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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