FourKites Announces $10M Strategic Investment from Mitsui & Co. to Transform Supply Chains in Asia-Pacific
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
Leading supply chain visibility company FourKites announces 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 formalise 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 localisation, which will result in a hyper-localised 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 digitisation and automation.”
Read More: Amid Economic Uncertainty, Retailers Must Drive Personalized Experiences to Increase Conversions
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 revolutionise 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.
