Tive Secures $12 Million Series A Capital Funding

Krenar Komoni
Krenar Komoni

Today, we announced our Series A funding round of $12 million backed by Raju at RRE Ventures and Villi at Two Sigma Ventures, with further investment from our current investors NextView VenturesHyperplane VenturesOne Way VenturesFathom VenturesSage Hill Capital, and many other leaders in the supply chain tech industry.

I am enormously grateful for reaching this milestone, and I’m so proud of what the Tive team has accomplished together! I’m incredibly motivated by what lays ahead as we venture onto new roads to meet the ever-evolving demands of a global supply chain … but it also leads me to pause and appreciate how far we’ve come.

It all started with my wife’s dad.

fatherinlawMy mom was a journalist, and my dad, a mechanical engineer by trade.  I followed in my father’s footsteps and also became an engineer.  As you might imagine, I didn’t grow up learning about logistics or supply chains.  But all that changed when I met my beautiful wife.  Elisa’s dad is a great guy, and he owns a trucking company in Worcester, MA.  I learned a lot about the trucking business by hanging out with him.  I founded Tive back in 2015, quite literally in my basement, to solve an ongoing challenge for my father-in-law…  I noticed that he was spending a ton of time worrying about where his drivers were and whether his trucks would make it to the dock on-time.  I came to understand the challenges brokers, shippers, and 3PLs face every day.  They were looking for solutions to help ensure their shipments are taken care of and will delight their customers.

Basement in WorcesterTive has grown from that basement (my wife was not happy with how the  basement looked like :)) in Worcester, MA, to a diverse, global team dedicated to delivering our vision.  Together, we’ve developed state-of-the-art tracking solutions for a growing customer base in search of simplicity in a complex supply chain.  We’re driven every day to provide the highest level of attention and care to our customers and what matters most to them.  We understand how important it is to take great care of our customers’ shipments, from end to end.  As such, we provide easy-to-use trackers and software that cuts through the noise to offer real-time actionable insights.  Our 24/7 visibility solution and support team help to proactively solve problems and optimize the distribution of goods.

I’m humbled by the strong market interest in these new solutions.  In 2020 Tive has seen an enormous influx of new customers and a staggering 570% growth in annual revenue.  This funding round follows a year of significant momentum, including:

  • Delivering a genuinely intuitive software platform that lets our customers seamlessly manage their loads, integrates with their TMS solutions, and provides actionable analytics and insights
  • Tive’s release of the industry’s first 5G-ready single-use tracker eliminating data and coverage gaps, and delivering full visibility as a service on all global in-transit shipments 
  • Delivering the first-ever Non-Lithium powered tracker to address the market's concerns over Lithium-Ion safety and environmental concerns

The road ahead

With this Series A funding, Tive is committed to strengthening our vision and expanding our efforts.  We committed to providing data-driven platforms, enabling shippers and 3PLs to optimize global supply chains and improve the customer experience … and with this funding, we will:

  • bring remarkable products to market faster
  • expand our sales and marketing efforts
  • extend our support and service team
  • add key talent and leadership
  • continue to grow our international presence

I’m honored to be part of a leading customer-centric company that believes wholeheartedly that every shipment truly matters.  Our customers, our investors, and our team have all contributed to Tive’s success in delivering real-time in-transit visibility of shipments worldwide.

I’m deeply grateful for the journey we’ve had so far and ever so energized for the adventure that lies ahead!

Read more about Tive’s funding announcement here!

Industry coverage by TechCrunch and FreightWaves

 

Topics: Supply Chain Visibility, Tive, series-A, funding, Transportation, Monitoring, Logistics



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