Announces $25 million in Series A Financing
SUNNYVALE, Calif., March 28, 2017 /PRNewswire/ — Turvo announced today the launch of its revolutionary “collaborative logistics” platform that empowers shippers, brokers and carriers to work together in real-time across the entire supply chain. The company also announced it has raised $25 million in Series A financing from top-tier investors.
Logistics is an $8 trillion-dollar global industry1 plagued by complexity and chaos – and it has been for centuries. Currently, companies manage shipments using pen and paper, spreadsheets, and outdated software with countless redundant, manual tasks. Communication is done through back and forth phone calls, emails, and faxes which is inefficient and error-prone.
“Turvo brings order to the chaos by connecting shippers, brokers and carriers to collaborate in real time, helping them take the time and cost out of shipping,” said Turvo CEO, Eric Gilmore, who co-founded the company.
Eric continued, “Logistics impacts every aspect of our lives and yet companies that need to move things from A to B still use archaic technology and operate in silos.”
Turvo’s uniqueness lies in its groundbreaking connected cloud platform that provides real-time visibility of shipments, AI-powered productivity tools, and secure collaboration that breaks down traditional organizational silos. While other solutions focus on more narrow aspects of logistics, such as on-demand trucking, freight forwarding, or track-and-trace of goods, Turvo spans the entire supply chain from orders and shipments to invoices and payments.
Based in Silicon Valley and with offices in Hyderabad, India, Turvo’s founding team and investors have an unrivaled track record of building revolutionary products and companies.
The founding team includes:
Eric Gilmore, co-founder and CEO. Previously, Eric was Vice President of Retail Products at Quotient Technology where he created the Retailer iQ platform, was Director of Communications for Microsoft CEO Steve Ballmer and then became a product executive in Bing’s search business.
Sai Nagboth, co-founder and CTO. Previously, Sai was Director of Retail Products at Quotient Technology for the Retailer iQ platform and was an engineering leader and principal architect at Accenture.
Jeff Dangelo, co-founder and COO. Previously, Jeff was Vice President of Sales at MegaCorp Logistics and, prior to that, a member of the sales leadership team at Total Quality Logistics (TQL).
Turvo’s Series A funding was led by Activant Capital with participation from existing investors Felicis Ventures, Upside Partnership, Slow Ventures and Tony Fadell, inventor of the iPod, iPhone, and Nest. Other investors include: Aaron Levie, co-founder and CEO of Box; Kevin Nazemi, co-founder of Renew.com and co-founder of Oscar Insurance; and Ravi Venkatesan, Chairman of Bank of Baroda and former Chairman of Microsoft India.
“Turvo is one of those rare companies with an opportunity to revolutionize a global industry,” said Steve Sarracino, founder and Managing Director of Activant Capital. “Turvo has the total package of an incredible team, product and business model.”
“Turvo is revolutionizing logistics with an end-to-end IOT platform to create the ‘Internet of Shipping,'” said Fadell, who was founder and CEO of Nest, the company that is widely credited for bringing the Internet of Things to the home and making it mainstream. “Turvo goes beyond supplying a logistics platform. It also makes available a constantly learning and improving intelligent shipping assistant to help any shipper of any size meet or beat the best in the industry.”
Turvo is working with a number of iconic companies like Oberto Brands, the nation’s leading all-natural jerky manufacturer; Le Metier De Beaute, a high-end cosmetics company; and Anchor Brewing, America’s original craft brewery – as well as logistics providers like Service First Logistics (SFL).
“Turvo is game-changing. It solves some of the biggest and most complex problems in the industry with an elegant and empowering experience,” said Richard Blanch, founder and CEO of Le Metier De Beaute.
Turvo’s software platform is smart, collaborative and easy to use. The platform works across the entire supply chain and includes the following features:
Cross-Company Collaboration: Turvo keeps everyone on the same page by making it easy to share shipments and documents, send messages, and assign tasks to people both inside and outside the organization, reducing back-and-forth phone calls and emails.
Real-Time Visibility: Turvo tracks shipments in real-time from dispatch to delivery using the Turvo mobile app and hardware sensors, giving companies unprecedented transparency into their supply chain.
AI-Powered Productivity: Intelligent notifications, instant search, contextual actions and automated recommendations empower smarter, faster decisions.
Billing and Payments: With a single collaborative platform, digital invoices can be shared instantly and payments can be scheduled automatically, eliminating emails and faxes so everyone gets paid faster.
Security and Privacy: Turvo is secure by design and built on an enterprise-grade cloud platform. Granular privacy controls ensure users always control who can see what.
Turvo (www.turvo.com) is the first real-time collaborative logistics platform connecting shippers, brokers and carriers to work together across the entire supply chain. Turvo revolutionizes the way things move by creating a standard way to share, communicate, and collaborate in real time. It is the most powerful platform to make smarter, faster, more informed decisions. Turvo takes away all the time and money spent doing redundant manual tasks and makes it easy to securely connect to anyone in real time.
1. Logistics Market, Transparency Market Research Analysis, 2016