[#262] Supply Chain in Numbers -Dec 2, 2024
Vecna raises $14.5M, Europe to US air cargo is at $2.71 per kg, Wheelocity raises $15M, Canada's ports have 55k linear feet rail to handle, OneRail raises $42M
Welcome to “Supply Chain in Numbers.” This newsletter tracks significant numbers from the supply chain world. Five prominent numbers are published every Monday. If you have any feedback, please send it to me.
$14.5 million funding
Vecna Robotics, the leader in flexible material handling automation solutions, closed $14.5MM in additional funding from existing investors. Vecna Robotics provides flexible material handling automation solutions in manufacturing and warehousing. The funding will be used to accelerate technology and product enhancements. It also brought on Karl Iagnemma as CEO. Iagnemma is a robotics expert and entrepreneur with a distinguished career blending academic research and industry leadership. He co-founded and served as CEO of autonomous vehicle technology company nuTonomy, later acquired by Aptiv in 2017 for $450MM. Under Iagnemma’s leadership, nuTonomy launched Singapore’s first public robotaxi pilots. [Business Wire]
$2.71 per kilo
A sharp rise in air cargo spot rates from Europe origins, particularly to the Americas, has helped to further drive up average worldwide spot prices in the second full week of November, with rates to Brazil rising especially rapidly in the last two weeks, linked to congestion problems at São Paulo’s Guarulhos International Airport (GRU). According to the latest weekly figures and analysis by WorldACD Market Data, average spot rates from Europe origins rose by a further +10% in week 46 (11 to 17 November), week on week (WoW), to US $2.71 per kilo. That’s +23% higher than this time last year. Average spot rates ex-Asia Pacific were flat in week 46 compared with the previous week at $4.39 a kilo. However, a +3% increase in tonnages ex-Asia Pacific also contributed to a +4% WoW rise in average worldwide spot rates to $3.14 per kilo. [AJOT]
$15 million Series A
Wheelocity Raises $15M in Series A Funding. Wheelocity is an Indian fresh produce supply chain solution provider targeting semi-urban and rural markets. The funding will be used to expand to 20K towns and villages over the next 12 months. To solve problems such as fragmented demand resulting in high customer acquisition and last-mile delivery costs, complex consumer preferences spanning multiple languages, categories, and brands, and limited direct market reach, necessitating reliance on distributor and reseller networks, Wheelocity’s platform offers high-frequency direct access infrastructure, hybrid offline-online model, and cost-effective service delivery. The start-up boasts a presence in over 3,500 towns and villages in just six months, serving one million consumers. [Entrepreneur]
55,000 linear feet of rail to handle
Operations resumed at Canada’s West Coast ports, and now Montreal has an uneasy labor peace after the federal government ordered the end of the lockouts for dockworkers in Montreal and foremen on the West Coast. The ports, carriers, and trade associations warn that there will be long delays as they work to reduce the backlog. There are over 5,000 TEUs currently on the ground, 55,000 linear feet of rail to handle, and 22 vessels either waiting at anchor or on their way. It may take a few weeks to re-establish the fluidity of the supply chain and process all goods, both imports, and exports, currently at the Port of Montreal or in transit and due to arrive in the next few days. [Maritime Executive]
$42 million Series C
OneRail Raises $42M in Series C Funding. OneRail aims to optimize last-mile delivery by automatically selecting shipping modes and carrier networks based on data and historical performance. The round will enable further product development and team expansion. OneRail claims that its service now reaches over 400 cities in the U.S. and Canada and is handling more than 250,000 deliveries a day for around 50 brands. Headquartered in Orlando, OneRail, whose customers include Lowe’s (which offers same-day delivery) and PepsiCo, has raised $109 million. [TechCrunch]