Overhaul secures $73 million in growth financing
Overhaul, a software-based supply-chain visibility, risk, compliance, and insurance solution, announced $73 million in new growth capital including $38 million in equity and $35 million in debt. Growth equity investor Edison Partners led the investment with participation from eGateway Capital, StepStone Group, TRM Ventures, Abbey International Finance, Avanta Ventures, and Macquarie Capital. Stifel Bank provided the debt financing.
Founded in 2016 and headquartered in Austin, Overhaul’s software offers companies a unified view of their supply chain ecosystem in real-time. The company is expected to track $1+ trillion in total moving cargo this year. It claims to have a 96% recovery rate for FTL cargo theft and an 80% loss ratio reduction as compared to the insurance industry benchmark.
Overhaul operates an insurance agency Overhaul Risk Advisory Services and on its site it features cargo insurance, commercial auto insurance, and physical damage insurance.
“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. 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.” – Barry Conlon, CEO and founder of Overhaul
“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. 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.” – David Broe, COO of 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. We look forward to helping Overhaul expand their breadth of capabilities to bring greater security to the global supply chain.” – Ryan Ziegler, general partner at Edison Partners.
Bottom Line: Good news for CNA.