Startup supply chain overhaul company Overhaul announced on Tuesday that it has secured a $35 million Series B funding round. This brings the total investment to $55 million, which includes the $17.5 million Series A round announced the year before.
Overhaul, which has its headquarters located in Austin as well as Dundalk, Ireland, helps customers collect their supply chain information from one source and solve issues that arise with all aspects of temperature management and tracking packages. Established in 2016, Overhaul has been utilised by a variety of Fortune 100 companies in various sectors, including logistics, food and beverages, pharmaceuticals, and healthcare.
Macquarie Capital led the Series B round, while Avanta Ventures and Edison Partners each participated. The funds are expected to be used to boost expansion, including the formation of new partnerships and the implementation of new hiring programs.Some of the funds will also be used to support the upcoming launch of TruckShield, a risk management application for the North American motor carrier industry.
“We plan to use the proceeds to support the launch and continued innovation of this product, as well as doubling down on our global go-to-market strategy for the enterprise product line servicing shippers and logistics providers,” Barry Conlon, the CEO and founder of Overhaul and Overhaul, shared his thoughts with Built In via email. “We have ambitious product and team expansion plans during 2021 and 2022 and look forward to growing our employee count and footprint in Austin to support the needs of the business.”
At present, Overhaul has approximately 130 employees. They plan to recruit around 50 people in technology, product, and growth to help speed up the development of the company’s product roadmap, Conlon added. The hiring process will be conducted within Austin and Ireland, but some remote positions are available. According to a press release, the company will also make several key hires in sales, product marketing, software development, and talent development.
In the meantime, Overhaul is actively hiring for 19 posts in Austin that range from data engineers all the way to managers. Conlon has stated that he hopes to double the size of his company over the next year and has the goal of having around 250 employees at the end of 2022.
Alongside the funding, Jared Doskow, managing director of principal investments at Macquarie, was appointed to Overhaul’s board.
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