On today’s episode of the Business Beat, Jeff highlights Lineage Logistics, based in Novi, which just announced that it raised $1.7 billion in new capital to expand its footprint and develop automation and supply chain technology as part of its vision to become the major force in food distribution.
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Good morning, Paul! Entrepreneurs and small business owners toil away day and night to make their dreams of owning and operating a successful business come true. Now, when you work hard, work smart and execute supremely, every now and then amazing things happen and small businesses grow into big businesses. Now we’ve witnessed this, of course, in Detroit’s history. Think Henry Ford in our past and recently think Dan Gilbert. Of course, there are others and one company that has clearly scaled exponentially as a company, seeing massive growth, is one in Novi known as Lineage Logistics. Now, just this week, Lineage Logistics, which operates more than 400 temperature-controlled warehouses across 19 countries and now employs more than 22,000 people, announced that it successfully raised $1.7 billion in new capital to expand its footprint and develop automation and supply chain technology as part of its vision to become the major force in food distribution,
something it’s well on its way to doing. And this behemoth round of fundraising brings the total funding of the company just since 2020 to $6 billion. And this isn’t the value of the company, Paul, rather this is the amount of capital this company’s raised since 2020, the company’s valuation is well north of that. Greg Lehmkuhl president and CEO of Lineage said in a news release, “As we headed into 2022, this new funding gives us even more confidence in our ability to drive future growth opportunities for our business, the industry, and the wider food supply chain.” Now Lineage was founded in 2008, moved its headquarters from California to Novi in 2017 and has been recognized as No. 17 in the 2021 CNBC Disruptor 50 list. No. 1 data science company and 23rd overall on Fast Company’s 2019 list of the world’s most innovative companies. We’re proud to have the headquarters of Lineage Logistics based right here in Michigan, and to be able to claim them as a major business success story. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.