When existing investors continue to pour more money into a business, it can serve as a big vote of confidence in the business model. With year-over-year new customer growth exceeding 180%, delivery and fulfillment cloud platform provider Bringg is in that position in 2021. The company Wednesday announced a fresh $100 million Series E investment round led by Insight Partners with participation from seven existing investors: Cambridge Capital, GLP Capital Partners, Harlap, Next 47, Pereg Ventures, Salesforce Ventures and Viola Growth.
“There’s no question that technology and innovation were necessary to help keep the world moving forward during an incredibly challenging time and we are proud to have stepped up to the plate and continue to deliver,” Bring CEO Guy Bloch said. “We are honored by this vote of confidence from our investors and we’re looking forward to continuing to lead the last-mile revolution — reimagining the new world of delivery and fulfillment every day.”
The raise brings total funding in the company to $184.5 million, according to Crunchbase, and total valuation to $1 billion, Bringg said in a statement. According to the company, it is the first unicorn company in the delivery fulfillment cloud platform space.
In a release, the company said it would use the funding to accelerate growth by scaling Bringg’s platform through M&A and by growing its ecosystem of strategic and technology partners.
“It’s clear to us that Bringg is building something special and we’re excited to partner with them as they continue to introduce transformative change for retailers and logistics partners,” said Jeff Horing, co-founder and managing director at Insight Partners. “With Guy’s experience and leadership and a growing list of marquee customers, we’re confident that Bringg will continue to pave the way as the clear leader in the space.”
Bringg’s most recent funding round was a $30 million Series D in April 2020, led by Viola Growth. There have now been eight total funding rounds since 2013, according to Crunchbase.
Tel Aviv, Israel-based Bringg helps optimize logistics with a data-driven delivery and cloud fulfillment platform. It has last-mile expertise and offers click and collect applications, third-party delivery, fleet and driver efficiency solutions, dispatch and routing technology, and orchestration technology.
“It’s exciting to continue our journey with Bringg and be part of the passion that Guy and his team put into everything they do,” Alex Kayyal, partner and head of international at Salesforce Ventures, said. “Bringg’s technology has had impact at one of the most complex and difficult times and the company’s focus on delivering innovation and value has inspired us as an investor from day one.”
Bringg is operational in more than 50 countries.
The e-commerce explosion in 2020 resulted in a perfect storm for retailers looking to fulfill consumer’s orders, whether that be delivery to the home, curbside pickup or buy online, pick up in store (BOPIS).
According to the Reuters Supply Chain Last Mile Report, only 8% of retailers are routing these deliveries themselves, while logistics service providers are being asked to provide these solutions to their customers. Last-mile delivery requires resources and human capital and outsourcing this to companies that have expertise and the technology in place to manage the process is becoming the choice for many.
Among Bringg’s customers are Walmart, Albertsons, Coca-Cola, Panera Bread, Hyvee and Auto Zone. In March, Bringg announced its Delivery Hub solution had seen elevenfold growth over the previous 12 months. The solution pulls capacity from third-party delivery partners like DoorDash, Postmates, Uber, Lyft and Glovo.
In a State of Last Mile Logistics report released earlier this year, Bringg noted that the automation of delivery has been a hot trend for retailers, with 61% of survey respondents saying it was their top wish list item from shippers. However, 20% said they had abandoned automated scheduling and self-scheduling because it was too expensive. Still, 54% of logistics providers are focused on adding automation and 41% have already done so, the report found.
Cost was the primary driver for abandoning projects such as automating driver workflows and improving visibility. However, visibility continues to be a big ask, with 53% saying their shippers use or request real-time tracking for end customers. The report found that only 18% of logistics providers are offering real-time visibility.