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EMERGING TECH RESEARCHSupply Chain Tech VC TrendsVC activity across the supply chain tech ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Supply Chain Tech VC TrendsInstitutional Research GroupAnalysisJonathan Geurkink Senior Research Analyst, Mobility Tech and Supply Chain Tech jonathan.geurkink@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig and Megan WoodardPublished on May 8, 2025Supply chain tech landscape3Supply chain tech VC ecosystem market map4VC activity5Supply chain tech VC deal summary19CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Supply Chain Tech VC Trends$Supply chain techlandscapeEnterprise supply chain managementWarehousing techFreight techLast-mile deliveryCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Supply Chain Tech VC TrendsVC activityThe supply chain tech vertical’s Q1 deal value of $2.4 billion was down sharply QoQ but returned to the normal levels seen in Q3 2024 and prior quarters. Waymo’s outsized deal in Q4 2024 significantly skewed deal value results. On a YoY basis, Q1 deal value was up 23.8%. Deal count was down 13.3% YoY and 14.7% QoQ. Exit count rose 50% QoQ to 21, driven by a doubling in acquisitions. The Q1 exit count was 25.4% higher than the average of the prior four quarters. Deal count for the pre-seed/seed, early, and late stages all declined moderately QoQ, while venture-growth deal count rose 45%. Although deal value for the freight tech segment was down QoQ due to the Q4 Waymo deal, it was approximately twice the average of the prior four quarters. Deal value for the enterprise supply chain management segment was up modestly QoQ, while last-mile delivery deal value was down sharply. Warehousing tech deal value declined QoQ after showing solid growth in each quarter of 2024. Notable deals in the quarter included Beijing-based Neolix’s $137.9 million Series C round on February 20. The company is focused on building autonomous trucks and logistics solutions. The deal included CCIG Capital, among other investors. Odeko, which makes supply chain and operations software for cafés and coffee shops, raised $126 million on March 4 in a Series E round led by B Capital Group. Infra.Market, based in Thane, India, raised $122 million in a Series F round led by Tiger Global Management. The provider of an online procurement marketplace for real estate and construction materials had previously filed to go public in the summer of 2024. Notable exits in Q1 included the acquisition of Peak, which develops AI solutions for inventory and pricing optimization. The Manchester, UK-based company was acquired by UiPath on March 7 for an undisclosed amount. Prior to its acquisition, Peak had raised $121.1 million in total, with investors including SoftBank Investment Advisers. Source: PitchBook • Geography: Global • As of March 31, 2025Supp