Launched in 2016, real-time global supply chain technology solution Overhaul, which serves the pharmaceutical, technology and food industry in moving freight around the world, says it tripled in size in 2019—a feat it is prepared to repeat again in 2020.
On Tuesday, the Austin-based company announced a $17.5 million growth investment led by Princeton’s Edison Partners, along with participation from existing investors Abbey International Finance Group, which Overhaul said it will use to achieve “aggressive” growth goals in the current year, to enhance product offerings for broad market use, to expand its North American team and its new European headquarters in Ireland, and to extend its reach into additional global markets.
Altogether, the new stream brings Overhaul’s total funding to $27.5 million, the company said.
Founded in 2016 by Chief Executive Officer Barry Conlon, Overhaul provides all corresponding data sources – from handling requirements to package-level tracking – in real-time through a single view, to detect and correct supply chain noncompliance automatically.
Edison Partners 2020 Investments
“Amazon easily demonstrates how world-class supply chain management is a powerful advantage. Today, true supply chain visibility is non-existent for most global businesses,” Edison Partners General Partner Ryan Zielger, who led the investment and oversees the Enterprise Solutions practice, said in a prepared statement. “Overhaul’s device and data-agnostic solution approach generates the actionable oversight and real-time data that global companies need to gain a competitive advantage, along with the ability to mitigate risk and significantly reduce costs.”
According to McKinsey & Co., enterprises that digitize their supply chains can expect to see annual EBITDA (earnings before interest, taxes, depreciation, and amortization) growth of 3.2 percent, and annual revenue growth of 2.3 percent.
“Every company is looking for a way to use data to increase productivity while decreasing costs and risk; their UPS left turn,” Conlon said in a prepared statement. “Overhaul is continually disrupting the logistics industry by arming our clients with the tools [and transparency] to cut supply chain risks and inefficiencies, enhance quality and control across their supply chain and improve overall customer satisfaction to stay ahead of the curve. We’re excited to team with Edison Partners to leverage their expertise in accelerating growth … ”
Edison Partners manages more than $1.4 billion in assets throughout the eastern United States. According to the company, its active portfolio has created an aggregated market value in excess of $10 billion.