Beacon, a Supply chain management and logistics startup, have a backup from Jeff Bezos. It allows the company to manage supply chains in a better way. It is now raising ten million pounds. It will help them to deal with the growing demand.
Sky News has reported that Beacon is clinching a $50 million Series B funding round. Northstar. vc, a venture capital investor, has led this round. Upper90 has also participated as a company that invests at the early stage.
Beacon, the Supply chain management company, was rolling out in 2018. It is headquartered in London. It utilizes cloud technology and artificial intelligence to help streamline operations. It aids companies in organizing international trade. It further offers services like global oceans, roads, and air freight. Also, it offers customer clearance, supply chain finance, and insurance.
The company further helped with the cash flow needs. It offers financing within 72 hours. It can further help importers who are having the task of paying their suppliers before the beginning of a shipment journey.
This Supply chain management firm is now planning to use its funding for various things like expansion of the workforce, tech development, etc. It will also work to expand itself to new markets.
The investors of Beacons are Eric Schmidt, Travis Kalanick, Marc Benioff. Jeff Bezos is one of the wealthiest persons in the world.
There has been much demand for efficient operations in logistics due to the growth of freight rates, labor shortages, etc. Also, there is more frequent customer demand for faster product deliveries which is giving growth opportunities to Supply chain management companies.
In another Amazon-related news, the company saw fewer sales in July. People at that time were returning to normal life outside of the COVID lockdowns.
Things have become complicated due to the Delta variant, which has again imposed lockdowns at various areas. It has again given growth to Supply chain management companies.
Amazon has reported $113 billion in its net sales from the three months ending June 30. It was up 27% from the same time in the previous year. But it is still below the expected mark of the analysts for $115 billion.
The challenges with the regulations and the eCommerce competitions are growing in the industry. Hence the rise of Supply chain management solutions will help the companies to combat such challenges.