Evanston, Ill. and Utrecht, the Netherlands (January 6, 2014)
Eyefreight (eyefreight.com), a leading provider of Transportation Management System (TMS) technology, today announced it has raised €9 million (US$11.8 million) in a funding round led by existing investors De Hoge Dennen Capital and Global Cleantech Capital and will use the new capital to expand operations into North America, establishing U.S. headquarters in Evanston, Illinois.
Eyefreight will use the funding to enhance the company’s Software-as-a-Service (SaaS) product and support growing customer demand in North America. The financing will also help Eyefreight set up its U.S. corporate headquarters in Evanston and recruit new business development and sales leadership teams.
“Eyefreight has always created unique solutions to address global logistics operations issues,” said Ken Fleming, CEO of Eyefreight. “Our technology enables large, multi-national shippers who require a single platform to better manage outsourced transportation and gain flexibility within their logistics operations. This funding enables us to bring to North American businesses the same supply chain efficiencies we’ve helped brands attain in the European market, where we’ve helped clients achieve up to 20 percent reduction of total freight costs by increasing supply chain visibility.”
Chicago’s growing logistics community attracted Eyefreight to the area. The Midwest also serves as a critical location for supply chain operations and a central hub of multi-national organizations with access to Great Lakes ports, main cross-country highways and carriers, and leading area universities that provide ongoing sources of logistic and technological talent.
“Eyefreight has an outstanding relationship with the technical University of Eindhoven in the Netherlands, whose faculty and students have helped in the development of some of our technology,” added Fleming. “With Northwestern, the University of Chicago and other great schools in our backyard, Eyefreight hopes to replicate that success in the U.S. and tap the resources and talent emerging from those first-rate institutions.”
Mr. Fleming will be based at Eyefreight’s global headquarters in Utrecht, where he will oversee the U.S. expansion and manage strategic initiatives, including the recruitment of leadership, sales, product development and support talent.
Eyefreight, one of the fastest growing TMS providers in Europe, achieved record sales and tripled in size since its founding in 2008. This success, coupled with the recent funding round, has enabled Eyefreight to make great strides in enhancing the company’s SaaS product, which yields rapid ROI for its customers, such as Tata Steel, Levi’s, Mango, Campari and Heineken, by providing central coordination and detailed data visibility over complex, worldwide transportation operations. Eyefreight specializes in integrating with existing supply chain management platforms to maximize customer resource value and minimize disruption to supply chain velocity.