Mubadala Ventures has led a series B round that boosted the collaborative shipping platform's overall funding to near $100m.
Turvo, the US-based creator of a collaborative delivery service, completed a $60m series B round yesterday that was led by Abu Dhabi sovereign wealth fund Mubadala Investment Company through its Mubadala Ventures vehicle.
The round also featured industrial product and appliance producer Siemens’ Next47 unit, as well as venture capital firm G2VP, Activant Capital, Felicis Ventures, Future Shape and Upside Partnership.
Turvo has developed a cloud platform that connects people, businesses, devices and applications, making it easier and more transparent for stakeholders to securely communicate and collaborate through the shipping and logistics process.
Eric Gilmore, Turvo’s co-founder and chief executive, said: “This round of funding speaks to the power of our software platform and the exponential growth we are seeing in the business.
“We are excited to partner with world-class investors like Mubadala to bring a truly revolutionary platform to a multitrillion-dollar global industry desperate for change.”
Ibrahim Ajami, head of Mubadala Ventures, is joining Turvo’s board of directors in conjunction with the fund’s investment, which the company said increased its total funding to almost $100m.
Turvo emerged from stealth in March 2017 with $25m in a series A round led by Activant Capital and backed by existing investor Felicis Ventures, Upside Partnership, Slow Ventures and private investors including Aaron Levie and Future Shape’s founder, Tony Fadell.