Macquarie leads USD35m Series B funding round in Overhaul
Overhaul, the industry’s first and only software-based, supply-chain visibility, integrity, and security solution for the world’s leading brands, announced its USD35 million Series B funding today. The current round is led by Macquarie Capital, with participation from Edison Partners and Avanta Ventures (venture arm of CSAA Insurance Group). Overhaul will use the investment to accelerate its roadmap in continuing to optmise its current category-creating products.
Founded in 2016, Overhaul has grown to be a trusted provider of supply-chain technology for Fortune 100 companies that move freight globally for various industries, including pharmaceutical and healthcare, technology, logistics, and food and beverage, having covered billions of dollars in cargo in the last few years. In 2020, the company announced a USD17.5 million Series A growth equity investment, led by Edison Partners, which laid the groundwork to triple its success from the previous year, despite the pandemic. Combined with earlier rounds, the funding led by Macquarie Capital Principal Finance brings Overhaul's total funding to USD55 million.
“Partnering with Macquarie Capital — a world-leading principal investor and advisor — solidifies our position as a leader in supply-chain technology solutions,” says Barry Conlon, CEO and founder of Overhaul. “Macquarie will enable us to significantly grow our global footprint with an innovative partner who shares our vision for supply-chain digital transformation, which is precisely why we chose them as our investment partner.”
Focused on innovating a USD19 billion global supply-chain market, Overhaul plans to optimise the supply-chain industry with transformative software solutions that will provide visibility and security in a post-pandemic era. The last year has brought many insights to the supply chain, most importantly, showcasing a need for organisations to establish and maintain effective and proactive risk-management solutions as part of their business resiliency and agility toolkit. Most recently, Overhaul announced its newest offering, “TruckShield”, a market-leading, risk-management technology solution for North American motor carriers that uses existing fleet hardware to identify dangerous or illegal driving practices in real time, while implementing corrective actions to avoid costly situations.
“Overhaul’s ability to create full visibility, security, and connectivity in the supply-chain market is an unprecedented feat for the industry,” says Jared Doskow, Managing Director of Principal Investments, Macquarie Capital Principal Finance, who has joined Overhaul’s board as part of the investment. “Overhaul is leading the industry into a new era of providing unparalleled data, intelligence, and transparency, while creating opportunities of digitisation in what is only an analogue or physical-documentation space. We’re proud to work with Barry and his team as they take digital transformation to a whole new level.”
In the coming months, the company will be growing its global team with numerous key hires in their software-development, product, sales, marketing, and talent-development teams, across the United States, Mexico, and Ireland, while continuing to innovate across its two core products: Overhaul Sentinel and TruckShield.