Irish-founded software company Overhaul has secured $73 million (€69 million) in new growth capital to help it enhance its platform.
The capital includes $38 million in equity and $35 million in non-dilutive debt. The investment was led by growth equity investor Edison Partners, with participation from Gateway Capital, StepStone Group and TRM Ventures.
The company was also backed by previous investors Abbey International Finance, Avanta Ventures and Macquarie Capital, while debt financing was provided by Stifel Bank.
The funding will help the company to expand its global footprint, enhance its products and fund its recent acquisition of security services provider SensiGuard.
Overhaul has developed a software-based platform that gives organisations greater oversight and security of their supply chains. It is used by Fortune 100 companies across pharma, logistics, tech and food and beverage that move freight globally. It currently employs more than 600 people and is expected to track more than $1 trillion in total moving cargo this year.
“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,” said Barry Conlon, chief executive and founder of Overhaul.
“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.”
With global supply chain disruptions and volatile markets creating strong demand for solutions to help stop disruptions before they occur, Overhaul’s product gives companies a real-time view into their supply chain. with visibility, risk management and prevention capabilities to manage risk and reduce losses.
“Real-time visibility and responsive risk management gives Overhaul a distinct advantage among supply chain SaaS providers. We’re extremely impressed with Barry and the executive team’s ability to deliver innovative enterprise-class solutions that adapt to complex cargo needs while showing discipline in capital deployment,” said Ryan Ziegler, general partner at Edison Partners, who led the initial and follow-on investment.
“We look forward to helping Overhaul expand their breadth of capabilities to bring greater security to the global supply chain.”
Overhaul was founded by David Broe and Mr Conlon, a former army ranger, in 2016. The two previously led FreightWatch, a freight security group that was founded in Dublin but which relocated to Austin.