Abu Dhabi state fund , through its venture capital arm Mubadala Ventures, has led a $60-million funding round for California-based logistics platform , according to an announcement.
The Series B funding round also saw participation from new investors and , the Siemens-backed global venture firm. Existing investors , Felicis Ventures, Future Shape (Tony Fadell’s investment and advisory firm), and Upside Partnership also injected money in the round.
Turvo had raised $25 million in a Series A round of funding led by Activant Capital in March this year. The current round has brought the startup’s total funding to nearly $100 million till date, it said in a statement.
Ibrahim Ajami, head of Mubadala Ventures, will join Turvo’s board of directors following the investment.
Turvo’s IoT software platform enables everyone across the supply chain ecosystem to share, communicate, and collaborate in real-time to make smarter, faster, more informed decisions.
Mubadala Ventures, set up in late 2017, is a $400-million venture fund that also oversees and manages Mubadala’s $15-billion commitment to the SoftBank Vision Fund as well as Mubadala Ventures Fund I – a US-focused early stage venture fund, and a fund of funds programme that includes Data Collective, 8VC, Foundry Group, and Upfront Ventures.
Mubadala Investment Company’s $225-billion portfolio spans five continents with interests in aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, defense services, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings. Till December last year, it had made 15-16 investments in technology firms as part of a partnership with SoftBank Group of Japan.
In June, Mubadala said it plans to launch a $400-million fund to invest in leading European technology companies. The fund will be managed by Mubadala Ventures and will target founder-led, high-growth tech companies. Further, SoftBank will participate in the fund as a strategic investor via its subsidiary, SIMI US Holdings I, Inc.