overhaul 35m macquarie capitalritter inaustin
Supply chain startup Overhaul announced Tuesday it raised a $35 million Series B round. This brings the company’s total funding to $55 million, including a $17.5 million Series A round announced last year.
Overhaul, which is co-headquartered in Austin and Dundalk, Ireland, helps customers collect their supply chain-related data in one place and fix issues relating to everything from temperature control to package tracking. Founded in 2016, Overhaul is used by several Fortune 100 companies in various industries, including logistics, food and beverage, pharmaceuticals and healthcare.
Macquarie Capital led the Series B round, and Avanta Ventures and Edison Partners both participated. The fresh funding will be used to accelerate growth, including the launch of new partnerships and hiring initiatives. A portion of the funding will also be used to support the launch of TruckShield, a risk management app 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, CEO and founder of Overhaul, told 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.”
Currently, Overhaul has approximately 130 employees with plans to hire roughly 50 people in product, technology and growth to expedite the company’s product roadmap, Conlon said. Hiring will take place in Austin and Ireland although some remote positions will be available. The company also plans to bring on several key hires in product, sales, marketing, talent development and software development, according to a news release.
In the meantime, Overhaul is actively hiring for 19 positions in Austin ranging from data engineers to product managers. Conlon said he aims to double in size over the next 12 months with a target of roughly 250 employees by the end of 2022.
In addition to the funding, Jared Doskow, managing director of principal investments at Macquarie, joined Overhaul’s board.