Mar 07, 2023
Overhaul, a software-based supply-chain visibility, risk, compliance, and insurance solution for the world's leading brands, today announced $73 million in new growth capital including $38 million in equity and $35 million in non-dilutive debt. Growth equity investor Edison Partners led the investment with participation from strategic investors eGateway Capital, StepStone Group, and TRM Ventures. Stifel Bank provided the debt financing.
Overhaul will deploy the capital to expand globally, enhance products, and fund the recent acquisition of security services provider SensiGuard—a deal that firmly establishes Overhaul as the global leader in in-transit supply chain risk management. Previous investors Abbey International Finance, Avanta Ventures and Macquarie Capital also participated in the round.
"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, CEO 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."
Overhaul is expected to track more than $1 trillion in total moving cargo this year. The company has a 96% recovery rate for FTL cargo theft and an 80% loss ratio reduction as compared to the insurance industry benchmark. Overhaul operates globally and has more than 600 employees.
"Our US customers receive exponential savings of up to 60-65% reduction in in-transit cargo insurance costs, and we expect even higher savings in other regions of the world," said David Broe, COO of Overhaul. "Our combined visibility plus risk management technology offering together with our participation on the insurance transaction positions us in a unique tier of the market. Our business model now stands to make orders of magnitude on our unit economics, creating a triple win for insurers, shippers, and Overhaul.
"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 has assembled a world-class team with seasoned industry executives and a deep bench of talent with unmatched experience providing supply chain visibility and security solutions to protect high-value shipments," said Joshua Awad, Partner, eGateway Capital. "We believe the way Overhaul combines technology, which absorbs data from disparate sources in real-time to make informed, actionable decisions, with best-in-class managed services, is a true differentiator and sets them up for continued success in a market leading position."
Global supply chain disruptions and volatile markets are creating strong demand for solutions that can stop disruptions before they occur. Unlike providers that focus on on-time arrival performance, Overhaul's visibility, risk management and prevention capabilities give companies a real-time view into their supply chain so they can manage risk more effectively and reduce losses while improving overall performance.
"Overhaul is providing a unique combination of supply chain visibility and risk management to some of the largest companies in the world, and we are proud to help support its impressive growth," said Alan Faulkner, Director at Stifel Bank.
In 2022, Overhaul was recognized as an Austin Inno Top Workplace, Inc. 5000 Fastest-Growing Private Company, Deloitte Technology Fast 500, G2 Supply Chain Visibility Grid, and as a Challenger on the Gartner Magic Quadrant for Real-Time Transportation Visibility Platforms.
