Irish-founded supply chain software company Overhaul raises $35m
Company on track to become a tech unicorn as it helps businesses manage supply chains
Overhaul intends to double headcount at the company over the coming year as it focuses on opportunities in Europe
Overhaul, an Irish-founded but US-headquartered software company, has raised $35 million (€28.7 million) in investment.
The financing, which comes on top of a $17.5 million raise last year, brings total funding to date for the Austin, Texas-based company to $55 million.
Overhaul has developed a software-based platform that gives organisation’s 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. Customers include Microsoft and Bristol Myers Squibb.
With supply chain visibility and risk management a hot space currently on the back of the Covid crisis, Brexit and the Suez Canal blockage, the company’s software is in high demand. The global supply chain market is valued at $19 billion.
Co-founder and chief operating officer David Broe told The Irish Times the company is on track to become a tech unicorn. This is a privately-owned company with a valuation of $1billion or more.
Overhaul was founded by Mr Broe and Barry 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. It was acquired by Sensitech in a multimillion euro deal in 2012.
Mr Broe said Overhaul intends to double headcount at the company over the coming year as it focuses on opportunities in Europe. It currently employs 150 people across Austin, Dublin and its facility in Ukraine.
“The market we’re in is so hot currently that it was actually easier to raise investment this time out than last year,” he said.
“Obviously, all businesses are focused on the supply chain at the moment with the need for companies to be in control more important than ever before,” Mr Broe added.