Delivery and fulfilment cloud platform provider Bringg has raised $100 million in a Series E round led by Insight Partners, an American venture capital and private equity firm, bringing its value to ‘unicorn status’ $1 billion.
Seven existing investors, including Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures and Viola Growth, also participated in the financing round.
Bringg claimed that this latest funding makes it “the first and only unicorn in last mile delivery and fulfillment cloud technology”. It will help the start-up meet the increasing global customer and market demand and grow its ecosystem of strategic and technology partners.
The demand for Bringg’s platform exploded with new customer growth of 180% year-over-year as the delivery and fulfillment industry has been completely transformed over the last 18 months due to the COVID-19 pandemic.
“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,” Guy Bloch, CEO at Bringg, 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.”
“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,” Jeff Horing, Co-Founder and Managing Director at Insight Partners, commented. “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 helps enterprises scale up and optimise their logistics operations with its data-led delivery and fulfilment cloud platform. Some of the world’s best-known brands in more than 50 countries use its platform for last-mile deliveries at peak efficiency across multiple delivery models.
Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments.
