Supply chain visibility and risk analysis firm Overhaul today announced $73 million in new growth capital, saying the funding will enhance its platform that applies visibility, risk, compliance, and insurance solutions to help safeguard cargo.
The backing includes $38 million in equity and $35 million in non-dilutive debt. The investment round was led by Edison Partners, with participation from eGateway Capital, StepStone Group, and TRM Ventures. Previous investors Abbey International Finance, Avanta Ventures and Macquarie Capital also participated in the round. Stifel Bank provided the debt financing.
Texas-based Overhaul says it will use the fresh funds in part to fund its recent acquisition of SensiGuard security services from Sensitech, a Massachusetts-based firm that provides supply chain visibility solutions. According to Overhaul, buying that firm establishes Overhaul as “the global leader in in-transit supply chain risk management.” The SensiGuard deal more than doubled Overhaul’s headcount by adding over 350 employees and also grew its global footprint by bringing established offices in Brazil, Mexico, and Czech Republic.
In Overhaul’s view, global supply chain disruptions and volatile markets are creating strong demand for solutions that can stop disruptions before they occur. The company says that its platform has a 96% recovery rate for full truckload (FTL) cargo theft and an 80% loss ratio reduction compared to the insurance industry benchmark.
“This latest growth financing positions Overhaul to be a front runner as a profitable business in real-time visibility and risk management with a fraction of capital but at a similar scale to unicorns in the space,” Barry Conlon, CEO and founder of Overhaul, said in a release. “The funding is also a validation of Overhaul’s commitment to transforming supply chain visibility and risk management and our strategy in the fluctuating LogTech market.”