KlearNow Clears $50 Million in New Funding

SANTA CLARA &&num;8212&semi; KlearNow, a provider of smart Logistics as a Service (LaaS), has raised &dollar;50 million in new capital to transform broken supply chains—simplifying and providing real-time cargo visibility to the customs clearance and drayage processes&period; KlearNow&&num;8217&semi;s AI-powered platform eases the worldwide supply chain disruptions that have left businesses grappling with delays and shortages&period;&NewLine;The Series B investment was led by Kayne Partners Fund, with continued participation from existing investors including GreatPoint Ventures, Argean Capital, and Autotech Ventures, plus new investment from Activate Capital&period;&NewLine;Though the global logistics market value is &dollar;8&period;6 trillion, it is a highly fragmented and archaic industry and one of the last to embrace technology and collaborative innovation&period; The global pandemic has further exacerbated supply chain bottlenecks, accelerating the need for digital transformation&period;&NewLine;KlearNow&&num;8217&semi;s platform attempts to ease import/export burdens by digitizing and streamlining complex paper-based logistics processes—reducing manual entry times and human errors&period; The platform takes the digitized data to power its customs clearance marketplace, providing an unprecedented level of real-time end-to-end visibility, collaboration, and cost savings for its customers&period;&NewLine;Since its &dollar;16 million Series A funding round led by GreatPoint Ventures in January 2020, KlearNow has reported strong growth, increasing its customer base tenfold and its monthly revenue run rate by more than 50 times&period; During this time, U&period;S&period;-based 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&period;&NewLine;KlearNow recently added a drayage marketplace to its smart LaaS platform to support drayage companies facing planning and scheduling challenges and importers demanding extended visibility&period; With both customs clearance and drayage marketplaces, KlearNow provides a single view of multi-leg shipments from port of lading to the warehouse&period; The Series B investment strengthens KlearNow&&num;8217&semi;s position as the go-to digital supply chain solution for businesses that trade across borders&period;&NewLine;&&num;8220&semi;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,&&num;8221&semi; said Sam Tyagi, KlearNow Founder and CEO&period; &&num;8220&semi;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&period;&&num;8221&semi;&NewLine;

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