KlearNow Raises $50 Million to Alleviate Global Supply-Chain Constraints
KlearNow, a logistics-as-a-service company founded in 2018, announced it has raised $50 million in new funding to provide supply-chain solutions that simplify and provide real-time cargo visibility.
The series B round was led by Kayne Partners Fund, the growth private-equity group of Kayne Anderson Capital Advisors, as well as continued funding from existing investors GreatPoint Ventures, Argean Capital, and Autotech Ventures and a new investment from Activate Capital. Since its $16 million series A funding round in January 2020, KlearNow has increased its customer base tenfold and its monthly revenue by more than 50 times.
KlearNow’s platform connects different links in the supply chain while digitizing and streamlining processes, reducing manual entry time, human error and costs. KlearNow aims to be the solution to solve and prevent future supply-chain disruptions. Investors were drawn to KlearNow because it eases import-export burdens by streamlining logistics processes and providing real-time end-to-end visibility.
“This latest round of funding enables us to aggressively accelerate our technology development and deployment, geographical expansion, and talent investments, helping us transform supply chains that power commerce,” said Sam Tyagi, KlearNow founder and chief executive officer. “We are excited to have strategic partners and investors with deep knowledge in this space, and we believe that with their support, our technology can lead to a meaningful, sustainable impact on global supply chains.”
Since January 2020, KlearNow expanded into Canada and launched its United Kingdom service in January 2021 to support the United Kingdom and other European businesses. The company recently added a drayage marketplace to its LaaS platform to support drayage companies facing planning and scheduling challenges.