Company upgraded its domain from .co.uk.
Supply chains are a vital cog in the wheel of the interconnected global economy. Optimal supply chain management is vital, which may be why the worldwide supply chain management market was worth $15.58 billion in 2020, with that figure expected to rise to $30.91 billion by 2026.
Despite the industry’s value, many customers face supply chain challenges, including forecasting issues and supply chain disruptions.
In 2018, Dmitri Izmailov and Fraser Robinson founded Beacon to solve pain points that exist across many supply chains. By offering a digital platform, Beacon promotes a technology-first approach to supply chain management, with data readily available to improve efficiency and perform vital analysis.
Its business really took off during the COVID-19 pandemic when consumer demand, online spending, and increases in freight rates meant that supply chains were under considerable pressure. Companies turned to Beacon’s digital platform to find a solution.
It isn’t just businesses that have taken notice of Beacon. Investors have, too. The company has raised $65 million, including an oversubscribed $50 million Series B funding round announced this month.
A list of Beacon’s early backers is who’s who of business leaders. Former Google CEO Eric Schmidt, Salesforce founder Marc Benioff and Uber co-founders Garrett Camp and Travis Kalanick have all taken part in at least one Beacon funding round. Amazon founder and centibillionaire Jeff Bezos has also contributed to Beacon’s funding, acting as a lead investor in the company’s Series A round.
Beacon, a British company based in London, started its journey on the UK ccTLD, .co.uk. It also owned Beacon.co, but it took Beacon until 2020 to acquire Beacon.com.
WHOIS history shows that Beacon.com changed hands in 2018, with brokerage company Media Options listed as the registrant before ownership changed to Internet Real Estate Ltd. Media Options’ CEO, Andrew Rosener, confirmed the acquisition of Beacon.com in a 2018 tweet.
By May 2020, Beacon had acquired Beacon.com.
A company with international aspirations will struggle to thrive on a ccTLD such as .co.uk, which may be why the company paid an undisclosed fee to upgrade from Beacon.co.uk to Beacon.com.
As is often the case, the acquisition of Beacon.com happened just before the company announced its Series A funding round.
With a rapidly growing workforce and a new office in Hong Kong, Beacon is a truly international company, and it now has the domain name to match.