Slync.io, a shipping and logistics process automation company, today announced it has closed a $60 million series B funding round. The company says it will leverage the investment to continue serving its customers, grow its physical presence in Europe and Asia, and expand its core teams.
The pandemic and corresponding rise in online shopping threaten to push supply chains to the breaking point. Early in the COVID-19 crisis, Amazon was forced to restrict the amount of inventory suppliers could send to its warehouses. Ecommerce order volume has increased by 50% compared with 2019, and shipment times for products like furniture more than doubled in March. Moreover, overall U.S. digital sales have jumped by 30%, expediting the online shopping transition by as much as two years.
Slync connects disparate shipping and logistics systems, ingests structured and unstructured datasets, orchestrates teams, and automates various processes. Its metadata-driven architecture allows for configurability and deployment for complex supply chains, as well as delivering tailored interfaces for workers in supply chain networks.
Slync harmonizes data across systems — including enterprise resource management systems, customer relationship management systems, and transport management systems, visibility service providers, email, PDFs and spreadsheets. Role-based workflows facilitate decisions, with collaboration tools that allow internal teams, external partners, and customers to communicate and share information from a single source.
CEO and founder Chris Kirchner argues that these capabilities set Slync apart from competitors in the logistics automation space. Uber offers a service called Uber Freight, which it recently committed another $200 million to as part of a major expansion. San Francisco-based startup KeepTruckin recently secured $149 million to further develop its shipment marketplace, and Next Trucking closed a $97 million investment. Meanwhile, Convoy raised $400 million at a $2.75 billion valuation to make freight trucking more efficient.
“This is a great milestone for us at Slync and a testament to our amazing people and the hard work they have put in to building this company since the beginning,” Kirchner said in a statement. “For us, everything starts with our customers, and more capital to invest in our global team, accelerate our product development, and grow our service offerings is a big win for all of them.”
Goldman Sachs Growth’s John Giannuzzi, who is an investor, added: “Slync has demonstrated tremendous progress on its mission to help global logistics service providers and shippers solve some of their most critical challenges. We believe that Slync is well-positioned for long-term success, and we’re excited to provide Slync with additional support and resources to advance its product roadmap and accelerate its global growth.”
Goldman Sachs Growth led the series B investment in Slync, with participation from ACME Ventures, 235 Capital Partners, Correlation Ventures, and other existing investors. It brings the company’s total raised to over $70 million.
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