Strategic investment from the global business titan will further expand FourKites’ supply chain visibility network in APAC and ease ongoing supply chain challenges in the region.
CHICAGO, Sept. 27 (Korea Bizwire) — Leading supply chain visibility company FourKites today announced a $10M investment from Mitsui & Co., Ltd. to expand FourKites’ offerings across the APAC region. This investment encompasses the first phase in an ongoing strategic relationship between FourKites and Mitsui, which the two companies intend to formalize by the end of the year.
Mitsui’s investment in FourKites is the culmination of a yearlong effort between the two companies, which included Mitsui’s extensive due diligence of the supply chain visibility landscape. Given FourKites’ market-leading offerings and proven track record in the region, Mitsui is planning to invest significant resources to expand FourKites’ coverage in APAC, including sales, customer service, operations and product localization, which will result in a hyper-localized solution for the APAC market. The strategic partnership will initially focus on Japan, with plans to jointly expand throughout APAC.
Mitsui is the latest industry giant to throw its weight behind FourKites, following strategic investments from FedEx, Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures, LLC, over the past two years. Mitsui — a global conglomerate with 16 business units across 63 countries — uses its global operating locations, network and information resources to multilaterally pursue business that ranges from product sales, worldwide logistics and financing, international infrastructure development and beyond.
“We are excited to partner with FourKites to bring improved supply chain visibility and efficiency to operations in all industries and all countries throughout APAC,” said John Kenichi Kogiku, General Manager of Digital Solution Business Division at Mitsui. “FourKites and Mitsui share a culture of innovation, integrity and collaboration, and a broader vision for transforming global supply chains. We are looking forward to working with FourKites to achieve our mutual goals through digitization and automation.”
The joint initiative with Mitsui is the latest strategic move in FourKites’ expansion in the APAC region. The company currently tracks international shipments in 44 countries and territories in APAC, and over the last 12 months, FourKites has seen:
- 240% growth in shipments tracked
- 91% growth in new APAC customers
- 70% growth in the number of carriers tracking loads in APAC
- 30% growth in the number of ports tracked in APAC, now totaling 270 ports in the region
- 315% growth in the number of facilities tracked in APAC, now totaling 7,000 facilities
“As a global logistics hub, companies throughout APAC are making significant investments in supply chain transformation,” said FourKites founder and CEO Mathew Elenjickal. “Given this growth trajectory, we are honored that Mitsui has selected FourKites as a partner to bring unprecedented levels of visibility to the APAC region. We are thrilled to welcome Mitsui into our powerhouse network of strategic investors who are working together to revolutionize supply chains around the world.”
Mitsui’s investment in FourKites comes on the heels of several significant strategic investments from major corporations that have invested in the company to drive the future of digital supply chains. In June, FourKites announced a strategic investment from FedEx, which the company will leverage to develop FourKites X, an enhanced visibility platform that transforms global supply chains with data insights from both companies’ networks. In 2021, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, wherein the industry leaders are working together toward automated, interconnected and collaborative global supply chains, spanning transportation, warehouses, stores, trucks and more.
About FourKites
Leading supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2.8 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitize their end-to-end supply chains. More than 1,100 of the world’s most recognized brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.
About Mitsui
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio. For more information on Mitsui & Co.’s businesses visit www.mitsui.com.
Media Contacts
Marianna Vyridi
Big Valley Marketing for FourKites
(650) 468-3263
mvyridi@bigvalley.co
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8fd3d159-b452-4999-8d6c-87d135e1b596
Source: FourKites via GLOBE NEWSWIRE
