FourKites Raises $30 Million as a part of a Strategic Partnership with FedEx; Plans to Make a Comeback from the Recent Layoffs

A human life, as we know, is special for various different reasons, but nothing makes it more special than its own openness to becoming better. You see; when someone is able to scale up their living experience on a consistent basis, they, almost as a ripple effect, turn likely to hit upon some huge milestones along the way. This is also proven by everything we have achieved so far, with one unique piece of testimony coming from an idea called technology. The reason why technology has always seemed like such a standout is largely predicated upon its never-seen-before skill-set, which interestingly enough, had something to offer to every possible area on our spectrum. The stated expansiveness will do a lot to transform the creation’s emergence into a full-fledged revolution. However, even after taking over the world in every conceivable manner, this tech revolution will continue to get bigger under capacity or the other. If anything, certain advancements have only further expanded the room for it to grow, and one recent piece of funding is very much expected to carry on that momentum.

Supply chain startup, FourKites has successfully secured over $30 million as part an ongoing financing round, which is projected to fetch the company a final figure of $80 million. According to certain reports, the newly-raised cash, to a large extent, comes from FedEx, who recently became a strategic partner of the organization. Since starting out in 2014, the Chicago-based FourKites has really been everywhere from the top to the devastating bottom. Talk about the top, the company’s excellence in terms of managing freight shipments across road, rail, ocean, air and parcel was quick to impress the masses, and that expectantly brought some big names, including Coca-Cola, AB InBev, Walmart, and many more, to its clientele. Even at the moment, FourKites boasts a network of 450,000 couriers and hundreds of corporate clients, but there is so much more to unpack here. We, of course, start with the company’s decision to dismiss nearly 8% of its workforce just a few weeks ago. When asked about the reasons that orchestrated the layoff, FourKites’ CEO, Matt Elenjickal pointed the finger at factors like inflation, raising interest rates, and unpredictable energy prices.

“Up until this year, it was growth at any cost,” he said. “The valuation was growth divided by the interest rate. Now it’s about the path to profitability. Not immediately, but we see this lasting 18 to 24 months, and so let’s make we’re shored up on the balance sheet.”

There is surely some truth to Elenjickal’s words. The supply chain industry hasn’t been immune to the ongoing economic slowdown. Beyond FourKites, various others supply chain and logistics vendors have initiated a similar expulsion procedure. The whole thing, though, becomes a little surprising once you consider how, just last year, funding for venture-backed supply chain management companies reached an all-time high of $11.3 billion

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