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EMERGING TECH RESEARCH: SUPPLY CHAIN TECH REPORT Q3 2024

Core Content Overview

This report provides a detailed analysis of venture capital (VC) trends and innovation highlights in the supply chain technology sector during the third quarter of 2024. It includes key metrics on deal activity, valuation changes, and notable companies in the space. The report also outlines the current state of the supply chain tech ecosystem, focusing on major segments like enterprise supply chain management, warehouse tech, freight tech, and last-mile delivery.

Main Points and Key Information

VC Deal Activity Summary

• Deal Count: 126 deals in Q3 2024, a 32.6% decline compared to Q2 2024.
• Deal Value: $2.3 billion, a 15.4% decrease from Q2 2024.
• QoQ Changes by Segment:
  • Enterprise Supply Chain Management: Deal value increased 53.7%, but deal count decreased 34.1%.
  • Freight Tech: Both deal count and value dropped significantly, by 69.6% and 71.3%, respectively.
  • Last-Mile Delivery: Deal value decreased 30.3%, and deal count decreased 9.1%.
  • Warehouse Tech: Deal value surged 84%, though deal count fell 45.8%.

Deal Types and Activity

• Pre-seed/Seed Deals: Declined 38.2% QoQ.
• Early-Stage Deals: Fell off sharply, down 67.4% compared to Q2.
• Late-Stage Deals: Rose 5.6% in value, reaching $1.2 billion.
• Venture-Growth Deals: Eased modestly, down 14.8%.

VC Deal Activity Share

• Supply chain tech accounted for 1.5% of total VC deals in Q3 2024.
• It represented 2.7% of total VC value in the quarter.
• Trailing 12-Month Activity:
  • Deal count: 645
  • Deal value: $9.2 billion

Innovation Spotlights

Japan's "2024 Problem"

The report highlights challenges and opportunities in Japan's supply chain tech landscape, particularly the "2024 problem," which refers to the country's struggle with supply chain inefficiencies and the need for technological innovation to address these issues.

Notable Companies and Deals

Altana Technologies

• Deal: Raised $221.4 million in a Series C round in August 2024.
• Valuation: Post-money valuation of $1 billion, a 1.8x step-up.
• Category: ERP & Inventory Management.

Mytra

• Founders: Chris Walti (former Tesla warehouse logistics head) and Ahmad Baitalmal (former Tesla and Rivian factory software lead).
• Technology: Robots move within racking structures instead of between aisles, increasing storage density.
• Patented Technology: Helical wheels for vertical movement, capable of lifting up to 3,000 pounds.
• AI Software: Optimizes robot movement and routes.
• Racking System: Can scale up to 80 feet and be configured in infinite layouts.
• Series B Round: Closed on July 23, 2024, with a 2x valuation step-up to $195 million.
• Lead Investors: Eclipse Automation, Life Extension Ventures, Greenoaks Capital Partners.
• Total Raised: $77.9 million.

Flink

• Deal: Raised $150 million in equity and debt in September 2024.
• Valuation: Estimated at $700 million, following a canceled acquisition from Getir in March 2024.
• Category: Ultrafast Delivery.

Zepto

• Deal: Raised $340 million in a Series G round on August 14, 2024.
• Category: Delivery Services.
• Lead Investors: General Catalyst, Mars Growth Capital.

Cart.com

• Deal: Raised $190 million in a Series C round on July 17, 2024.
• Category: Warehousing & Fulfillment.

GrubMarket

• Deal: Raised $100 million in a Series G round on July 8, 2024.
• Category: Delivery Services.
• Lead Investor: The Private Shares Fund.

Infra.Market

• Deal: Raised $77 million in a Series E round on September 16, 2024.
• Category: Procurement & Sourcing.

VC Investors in Supply Chain Tech

• FJ Labs: 122 total deals, with 43 early-stage and 45 late-stage.
• Tiger Global Management: 104 total deals, with 31 early-stage and 46 late-stage.
• Gaingels: 80 total deals, with 25 early-stage and 31 late-stage.
• Alumni Ventures: 75 total deals, with 24 pre-seed/seed and 20 early-stage.
• 500 Global: 61 total deals, with 23 pre-seed/seed and 20 early-stage.
• Bossa Invest: 55 total deals, with 19 pre-seed/seed and 15 early-stage.
• 8VC: 50 total deals, with 10 pre-seed/seed and 24 early-stage.
• HongShan: 49 total deals, with 28 early-stage and 16 late-stage.
• SOSV: 45 total deals, with 24 pre-seed/seed and 14 early-stage.
• Sequoia Capital: 44 total deals, with 15 early-stage and 13 late-stage.

Exits in Q3 2024

• Total Exits: 17 (16 acquisitions and buyouts, 1 public listing).
• Notable Acquirers:
  • Descartes Systems Group
  • Farmers Business Network
  • Uber
  • Valsoft Corporation
  • GrubMarket
  • Lineage
  • Trimble
  • Just Eat Takeaway.com
  • project44

Conclusion

The supply chain tech sector experienced a slowdown in VC deal activity in Q3 2024, with notable declines in deal count and value across most segments. However, warehouse automation stood out with a significant increase in deal value. Companies like Altana Technologies and Mytra received substantial funding, reflecting continued interest in innovative solutions for supply chain optimization. The report underscores the importance of AI, automation, and scalable technologies in addressing current and future supply chain challenges.