Beacon, a logistics startup backed by Jeff Bezos that enables businesses to better manage supply chains, has reportedly raised tens of millions of pounds to help meet growing demand.
Sky News reports that Beacon has completed a $ 50 million Series B funding round led by venture capitalist Northstar.vc. Upper90, which also invests in start-ups, also participated.
Beacon was deployed in 2018, is headquartered in London, and uses artificial intelligence and cloud technology to help streamline the operations of companies organizing international trade. It offers services such as global ocean, air and road freight, customs clearance, insurance and supply chain finance.
The company responded to the cash flow needs by providing financing within 72 hours. This can help importers responsible for paying suppliers before the start of a shipping journey that could take months.
Beacon plans to use the funding for things like increasing the company’s workforce, developing technology, and expanding into new markets.
Beacon investors read themselves like a list of luminaries, including Eric Schmidt, former CEO of Google, Travis Kalanick, founder of Uber Technologies, and Marc Benioff, founder, president and CEO of Salesforce, according to the report.
And Bezos is one of the richest people in the world.
There has been more demand for efficient logistics operations due to higher freight rates, labor shortages and also more fervent customer demand for faster e-commerce deliveries.
PYMNTS writes that, in other Bezos-related news, Amazon was seeing fewer sales in July as people came back to life outside of COVID lockdowns as vaccinations increased.
Read more: Amazon sees sales decelerate as life after lockdown picks up
Although things have been complicated due to the Delta variant, PYMNTS reports that Amazon reported net revenue of $ 113 billion for the three months ending June 30, an increase of 27% from at the same time in 2020, but still below analysts’ expectations at $ 115 billion.
This is also due to increased competition in e-commerce and regulatory challenges.