EMERGING TECH RESEARCH

Supply Chain
Tech Report
VC trends and emerging opportunities

Q2 REPORT PREVIEW
The full report is available through
2022 the PitchBook Platform.
Contents
Vertical overview 3 Institutional Research Group
Analysis
Q2 2022 timeline 4
Jonathan Geurkink Analyst, Emerging Technology
Supply chain tech landscape 5
jonathan.geurkink@pitchbook.com

Supply chain tech VC ecosystem market map 6 pbinstitutionalresearch@pitchbook.com

VC activity 7 Data

Alyssa Williams Data Analyst

Emerging opportunities 14

Supply chain visibility platforms 15 Publishing

Last-mile drone airspace management and infrastructure 17 Report designed by Drew Sanders

Select company highlights 19 Published on September 9, 2022

FourKites 20

project44 21

Near Earth Autonomy 22

Q2 2022 Supply Chain Tech Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2

 Q2 2022 timeline Q2 VC deal count summary

243
total deals

June 22, 2022 -25.0%

April 21, 2022 FourKites, predictive supply chain platform QoQ growth

VC deal
Convoy, digital freight network operator, provider, raises $80 million in a Series D1
VC deal

May 24, 2022

raises $260 million in a Series E led by T. from FedEx, Atlas Innovate, and SkyDeck. The
-34.5%

IPO
Rowe Price and Ballie Gifford. The deal Shares of Delhivery, logistics and delivery company will partner with FedEx to create
YoY growth
lifts Convoy’s post-money valuation to service provider, list on the Bombay Stock an end-to-end supply chain intelligence
$3.8 billion. Exchange, with $968.6 million raised. platform to boost predictability and visibility.
-26.6%
YTD growth
Apr 1

May 1

Jun 1

Jun 30
Q2 VC deal value summary

April 2022 (ongoing) May 25, 2022 June 22, 2022

The City of Shanghai is locked down under Motive, electronic fleet tracking platform Airspace Link raised a $23.0 million Series B,
$8.6B
total deal value
VC deal

VC deal
COVID-19 restrictions. The Port of Shanghai, provider, raises $150 million in a Series F led which put its post-money valuation at $173.0
News

the world’s busiest based on container by Insight Partners and Kleiner Perkins. The million. Investors included French aerospace
volume, sees a 20%+ reduction in traffic, deal increased the company’s post-money conglomerate Thales Group, as well as -39.8%
with repercussions over long-term supply valuation to $2.9 billion. Morningside Group. QoQ growth
chain planning, logistics, and resilience. Air
freight in and out of the city declined an
estimated 60% during the period.
-38.5%
YoY growth

-27.0%
YTD growth

Q2 2022 Supply Chain Tech Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5

VC activity Supply chain tech VC deal activity

Venture capital (VC) activity in supply chain tech continued to ebb in the second quarter. Investors 1,540

1,240 1,251
put $8.6 billion into supply chain tech startups in Q2, reflecting a 39.8% decline QoQ and a 38.5% 1,210
992
decline YoY. At 243, the number of deals in the quarter was down 25% QoQ and 34.3% YoY. Across the 803
892

subsegments, last-mile delivery saw the largest inflows, with $3.8 billion invested in 38 deals. Enterprise 514 567
334
supply chain management had the second-highest value of deals but was third overall in deal count, 230
$4.4
behind warehousing tech. Freight tech had the fewest deals but ranked third in overall value. $1.1 $2.2 $9.1 $10.3 $14.9 $26.3 $26.4 $32.7 $58.4 $23.0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*

Notable deals in the quarter included food delivery platform Gopuff. The food delivery segment, which Deal value ($B) Deal count

saw dramatic expansion during the pandemic, faced setbacks in 2022. The company had planned an
IPO in H1 2022, but it was subsequently postponed. In May, the company completed a $1.5 billion late- Source: PitchBook | Geography: Global | *As of June 30, 2022

stage VC deal that involved a series of bridge debt financings, with participation from included Yorkville
Advisors, Marcy Venture Partners, Robert Iger, and Guggenheim Partners. In July, Bloomberg reported that
Gopuff announced a retrenchment, with a 10% reduction in its global workforce and closure of dozens
Supply chain tech VC exit activity
of warehouses.9 In May, competitor Instacart submitted a registration statement with the Securities and
Exchange Commission (SEC) pursuant to an IPO. The move followed the company cutting its valuation by
40% in March, to $24.0 billion. In July, Instacart investor Capital Group marked its shares at $45.84, which 124

reflected a valuation of $14.7 billion for the company.10 In late July, the Wall Street Journal reported that
Instacart still expects to go public before year-end 2022.11 Shares of publicly traded competitor DoorDash 64
declined 55.9% through H1, and the company had a market cap of $22.5 billion on June 30. 41 42 41
34 39
13 13
19 18
$1.8 $2.0
Notable among the few exits in the quarter was Delhivery, which was listed on the Bombay Stock $2.4 $3.5 $11.4 $12.2 $7.2 $47.2 $93.5 $17.1
$1.5
Exchange in May and raised $968.6 million. In June, Doordash acquired Finland-based online food 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*
ordering platform Wolt for $3.5 billion. Exit value ($B) Exit count

9: “Delivery Startup Gopuff Cuts 10% of Staff, Closes Warehouses to Preserve Cash,” Bloomberg, Jackie Davalos, July 12, 2022.
10: “Instacart Valuation Cut to $14.7 Billion by Investor Capital Group,” Bloomberg, Miles Weiss, July 18, 2022. Source: PitchBook | Geography: Global | *As of June 30, 2022
11: “Instacart Aims To Go Public Before Year’s End, Defying a Frozen IPO Market,” The Wall Street Journal, Berber Jin, et al, July 28, 2022.

Q2 2022 Supply Chain Tech Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 8

VC ACTIVITY

Key supply chain tech VC deals*

Valuation step-up
Company Close date Subsegment Stage Deal size ($M) Lead investor(s)
(post to pre)

Enterprise supply
Qonto January 10, 2022 Series D $395.9 5.1x TCV, Tiger Global Management
chain management

Plenty January 25, 2022 N/A Series E $400.0 1.4x JS Capital Management, One Madison

project44 January 11, 2022 Freight tech Series F $420.0 2.0x Goldman Sachs Asset Management, TPG, Thoma Bravo

Weee! February 18, 2022 Last-mile delivery Series E $425.0 1.3x SoftBank Investment Advisers

Enterprise supply
Assent Compliance December 31, 2021 Series D $447.4 N/A Vista Equity Partners
chain management
Enterprise supply
Relex February 17, 2022 Late-stage VC $566.3 11.3x Blackstone
chain management

Swiggy January 24, 2022 Last-mile delivery Series K $700.0 2.1x Invesco

Bolt January 11, 2022 Last-mile delivery Series F $710.5 1.6x Fidelity Management & Research, Sequoia Capital

Getir March 17, 2022 Warehousing tech Series E $768.0 1.5x Mubadala Investment Company

Flexport January 24, 2022 Freight tech Series E $935.0 N/A Andreessen Horowitz, MSD Private Capital

Source: PitchBook | Geography: Global | *As of June 30, 2022

Q2 2022 Supply Chain Tech Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 11

VC ACTIVITY

Top strategic acquirers of supply chain tech companies since 2012* Top VC investors in supply chain tech companies since 2012*

Company Deal count Investor type Investor Deal count Investor type

Zoetis 8 Corporation Accel 80 VC

John Bean Technologies 8 Corporation Sequoia Capital China 74 VC

500 Global 70 VC
Syngenta 8 Corporation

FJ Labs 69 VC
Deere 8 Corporation
New Enterprise Associates 67 VC
Delivery Hero 7 Corporation
Enterprise Ireland 64 VC
BASF 7 Corporation
Alumni Ventures 60 VC
S&W Seed 6 Corporation
SOSV 58 VC
Monsanto 6 Corporation
Eastern Bell Venture Capital 58 VC

Farmer's Business Network 6 VC-backed company S2G Ventures 56 VC

Alltech 6 Corporation GV 56 CVC

Source: PitchBook | Geography: Global | *As of June 30, 2022 Source: PitchBook | Geography: Global | *As of June 30, 2022

Q2 2022 Supply Chain Tech Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 13

SELECT COMPANY HIGHLIGHTS
Founded
2013
649 employees
globally
Overview
FourKites was founded in 2014 and got its start with the free driver app CarrierLink, which provided
freight carriers with visibility into brokered loads. Over the subsequent years, the company added
tracking and visibility capabilities, including advanced analytics, Dynamic ETA, and security and
compliance solutions, among others, to build out its platform. As mentioned earlier, Gartner lists
the company among two leaders in its 2022 Magic Quadrant for Real-Time Transportation Visibility
Platforms. Before founding the company in 2014, CEO Matt Elenjickal worked in enterprise
25
software for Oracle and i2Technologies/JDA Software Group, focused on logistics and supply chain
solutions. FourKites tracks more than 2.5 million shipments every day and connects with over
371,000 carriers worldwide. Key customers include Dow, Bayer, Diageo, and 3M. Plus, it connects
25: “FourKites Named a Magic Quadrant Leader with the Highest Scores for Levels 3, 4 & 5 Complexity Use Cases,” FourKites, May 25, 2022.
Q2 2022 Supply Chain Tech Report
Total raised: Last financing valuation: Lead investor:
$282.1M $1.1B N/A
Last financing:
Raised $80.0M in
a Series D1
the supply chains of 50% of all Fortune 500 companies. The company currently has close to 800
employees worldwide, including more than 250 engineers and data scientists. 26
As of June, the company was valued at $1.1 billion following an $80 million late-stage VC deal that
included FedEx, Atlas Innovate, and SkyDeck. The company has raised just under $300 million
to date. Investors from prior rounds include Hyde Park Venture Partners, Bain Capital Ventures,
and Qualcomm Ventures. In its most recent deal, FourKites partnered with FedEx to develop a
supply chain intelligence platform called FourKites X. Built on data and insights from FourKites’
support of more than 2.5 million daily shipments, combined with 16.5 million shipments across
220 countries and territories from the FedEx distribution network,27 the platform provides a suite
of offerings including dynamic planning, enhanced visibility, proactive alerts, and supply chain
optimization insights.
26: “FourKites Closes a Record-Breaking 2021 at the Forefront of Supply Chain Visibility,’ FourKites, December 14, 2021.
27: “FedEx and FourKites To Share Package-Tracking Data,” The Wall Street Journal, Esther Fung, June 21, 2022.
CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 21
 PitchBook Data, Inc.

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