Blume Global, a leading provider of supply chain execution and visibility technology, today announced it has raised new equity from London-based Bridgepoint Group. This investment will further the company’s effort to bring its truly innovative and transformational supply chain digitization to the industry. This latest funding values Blume Global at $500 million and Bridgepoint joins funds managed by affiliates of Apollo Global Management and EQT as equity investors in the company.
Launched in 2018, Blume Global provides a cloud-first, intelligent operating platform that orchestrates global supply chain processes through a digital map of the supply chain world for thousands of customers. By digitizing and transforming supply chains around the world, enabling shippers (buyers and suppliers), logistics service providers and carriers to work together on a common data driven platform to reduce waste and inefficiencies through visibility, automation and optimization.
In 2021, Blume Global has continued its high-growth trajectory, with more than 100% annual bookings growth YTD. The company has added more than 100 employees since January in the United States, Hong Kong, Europe and India. With this new equity capital, the company expects to make additional investments in R&D and go-to-market functions, positioning Blume to continue creating a truly transformative and sustainable platform for global supply chains.
“When we launched Blume Global in 2018, we saw an opportunity to build a cloud-based digital operating platform for global supply chains that leverages modern technologies and machine learning to optimize and automate operations," said Pervinder Johar, CEO, Blume Global. "Since then, we have only seen increased demand for a supply chain transparency and orchestration platform like ours. We are thrilled by this new investment from Bridgepoint Group to help fund our continued growth.”
Rohit Dhote, Managing Director at Bridgepoint Credit, commented: "Solving supply chain complexity and providing visibility into the movement of goods has never been more business critical. Blume Global is at the forefront of enabling multi-modal supply chains through its leading, cloud-based order management, TMS and real-time visibility solutions. We’re excited to partner with Blume Global, its management team, Apollo and EQT to support the company through its next stage of growth."
Blume Global’s mission to reduce $1 trillion of waste from global supply chains, lower carbon emissions and democratize technology for millions of small to medium businesses that make global supply chains work is resonating in the industry. There are more than 10,000 companies on Blume Global’s platform, including some of the largest shippers, ocean carriers, railroads and global freight forwarders.
Justin Korval, Partner at Apollo, said, “Blume Global provides companies with business-critical supply chain and logistics solutions playing an important role in creating a more sustainable global supply chain. We’re pleased to support Pervinder and the Blume Global team as they continue to scale the business and welcome additional blue-chip investors like Bridgepoint.”
In the transaction, J.P. Morgan Securities LLC served as the sole placement agent and Cooley LLP as legal counsel to Blume Global. Sidley Austin LLP was legal counsel to Bridgepoint, and Paul, Weiss, Rifkind, Wharton & Garrison LLP was legal counsel to the Apollo Funds.