FourKites has announced a $10 million investment from Mitsui & Co., Ltd. to expand its offerings across the Asia-Pacific (APAC) region.
This investment represents the first phase in an ongoing relationship between the two companies set to be formalised by the end of the year.
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 region-specific solution for the market.
The partnership will initially focus on Japan, with plans to jointly expand throughout APAC according to the companies’ latest statement.
Mitsui’s investment follows previous ones from FedEx, Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures, LLC, over the past two years.
“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.”
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FourKites currently tracks international shipments in 44 countries and territories in APAC.
“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 honoured 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.”
FourKites is a leading supply chain visibility company.
In its latest report, the company offered a perspective on the latest dip in volumes at China ports as more cities have imposed lockdowns amid the recent surge in COVID-19 cases.