KlearNow Clears $50 Million in New Funding

<p><strong>SANTA CLARA<&sol;strong> &&num;8212&semi; KlearNow&comma; a provider of smart Logistics as a Service &lpar;LaaS&rpar;&comma; has raised <span class&equals;"xn-money">&dollar;50 million<&sol;span> 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;<&sol;p>&NewLine;<p>The Series B investment was led by <b><u>Kayne Partners Fund<&sol;u><&sol;b>&comma; with continued participation from existing investors including <b>GreatPoint Ventures<&sol;b>&comma; <b>Argean Capital<&sol;b>&comma; and <b>Autotech Ventures<&sol;b>&comma; plus new investment from <b>Activate Capital<&sol;b>&period;<&sol;p>&NewLine;<p>Though the global logistics market value is <span class&equals;"xn-money">&dollar;8<&sol;span>&period;6 trillion&comma; 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&comma; accelerating the need for digital transformation&period;<&sol;p>&NewLine;<p>KlearNow&&num;8217&semi;s platform attempts to ease import&sol;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&comma; providing an unprecedented level of real-time end-to-end visibility&comma; collaboration&comma; and cost savings for its customers&period;<&sol;p>&NewLine;<p>Since its <span class&equals;"xn-money">&dollar;16 million<&sol;span> Series A funding round led by GreatPoint Ventures in <span class&equals;"xn-chron">January 2020<&sol;span>&comma; KlearNow has reported strong growth&comma; increasing its customer base tenfold and its monthly revenue run rate by more than 50 times&period; During this time&comma; U&period;S&period;-based KlearNow has expanded into <span class&equals;"xn-location">Canada<&sol;span>&comma; and launched its UK service in <span class&equals;"xn-chron">January 2021<&sol;span> to support UK and EU businesses operating in the post-Brexit landscape&period;<&sol;p>&NewLine;<p>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&comma; 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;<&sol;p>&NewLine;<p>&&num;8220&semi;This latest round of funding enables us to aggressively accelerate our technology development and deployment&comma; geographical expansion&comma; and talent investments&comma; helping us transform supply chains that power commerce&comma;&&num;8221&semi; said <span class&equals;"xn-person">Sam Tyagi<&sol;span>&comma; KlearNow Founder and CEO&period; &&num;8220&semi;We are excited to have strategic partners and investors with deep knowledge in this space&comma; and we believe that with their support&comma; our technology can lead to a meaningful&comma; sustainable impact on global supply chains&period;&&num;8221&semi;<&sol;p>&NewLine;