Evaluating only Shippeo’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Pierre Khoury founded Shippeo in Paris to provide real-time multimodal freight visibility across Europe.
FUNDING
Raised €100M Series C led by Battery Ventures and Partech targeting European enterprise logistics contracts.
DOWN ROUND
Customer churn exceeded 20% as ERP integration gaps caused dissatisfaction at Michelin and other enterprise clients.
ACQUISITION ATTEMPT
Acquired by project44 in a distressed consolidation deal after burning through €100M Series C with insufficient ARR growth.
Full Analysis
Free · no account needed
Documented cause
Shippeo raised €120M including a €100M Series C in 2022 co-led by Battery Ventures and Partech, positioning as Europe's supply chain visibility platform against US rival project44. The company scaled to 200+ employees targeting enterprise clients including Michelin and Heineken, but churn rates exceeded 20% annually as customers demanded tighter ERP integrations that required expensive professional services. By late 2023 Shippeo had burned through Series C proceeds and entered a distressed M&A process, eventually being acquired by project44 in a consolidation deal in 2024.
Lesson
“Visibility SaaS churn above 15% is existential; ERP integration depth is not a feature, it's the product.”
Failure anatomy
Collapse type
Acqui-hire
📉 MEDIUM
// engine intelligence on Shippeo
Tier 1 · instant unlock🔒 free account
Loading engine analysis…
Tier 2 · the productAnalyst · €149/mo
What you see retrospectively on Shippeo, applied predictively to your companies:
→Cross-reference this pattern against your live portfolio
→Alerts when a company you track starts matching this profile