Mubadala invests $60m in US logistics platform
Mubadala Ventures invests in Turvo collaborative logistics platform
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