A supply chain technology firm, which expanded with a new base in Manchester earlier this year, has raised $50m.
KlearNow's series B investment was led by Kayne Partners Fund , the growth private equity group of Kayne Anderson Capital Advisors, with continued participation from existing investors including GreatPoint Ventures, Argean Capital, and Autotech Ventures, plus new investment from Activate Capital.
Since its $16m series A funding round led by GreatPoint Ventures in January 2020, KlearNow has increased its customer base tenfold and its monthly revenue run rate by more than 50 times.
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During this time, US-headquartered KlearNow has expanded into Canada, and launched its UK service in January 2021 to support UK and EU businesses operating in the post-Brexit landscape.
Chief executive and founder Sam Tyagi said: "This latest round of funding enables us to aggressively accelerate our technology development and deployment, geographical expansion, and talent investments, helping us transform supply chains that power commerce.
"We are excited to have strategic partners and investors with deep knowledge in this space, and we believe that with their support, our technology can lead to a meaningful, sustainable impact on global supply chains."
Nishita Cummings, managing partner and co-head of growth equity at Kayne Partners., added: "The supply chain and logistics industry is primed for incredible disruption in the upcoming years and continued investment in technology and tech-enabled infrastructure is a critical component of the solution.
"KlearNow is the leading technology partner in this space, with an advanced AI-based platform that removes friction in moving goods across borders in an easy, efficient, and cost-effective manner."
