Bringg Raises $100M Series E Round to Capitalize on Growing Momentum for Last-Mile Delivery and Fulfillment Technology
CHICAGO, June 16, 2021 /PRNewswire/ -- Bringg, the leading delivery and fulfillment cloud platform provider, announced today that the company has closed a $100 million Series E investment led by Insight Partners with participation from seven existing investors, including Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth. The funding will be used to meet the increasing global customer and market demand by quickly scaling Bringg's platform through M&A and by growing its ecosystem of strategic and technology partners. The investment also sets Bringg's market valuation to $1 billion, making it the first and only unicorn in last-mile delivery and fulfillment cloud technology.
The delivery and fulfillment industry has undergone a complete transformation over the last 18 months due to the COVID-19 pandemic and has increased the needs and expectations of consumers globally. As a result, demand for Bringg's platform exploded with 180% year-over-year new customer 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," said Guy Bloch, CEO at Bringg. "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," 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."
"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," said Alex Kayyal, Partner and Head of International at Salesforce Ventures. "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."
For more information about Bringg, please visit https://www.bringg.com/.
Bringg helps enterprises scale up and optimize their logistics operations with the leading data-led delivery and fulfillment cloud platform. Using Bringg, retailers and logistics providers can rapidly enable innovative delivery and fulfillment models that maximize the customer experience, optimize logistics operations and scale business channels for growth. Some of the world's best-known brands in more than 50 countries use Bringg's platform to deliver the perfect last mile experience at peak efficiency across multiple delivery models. https://www.bringg.com
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. 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. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all.
For more information, visit https://insightpartners.com
About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 375 companies, including DocuSign, GoCardless, Guild Education, nCino, Snowflake, Twilio, Zoom and others across 22 countries since 2009.
For more information, please visit www.salesforce.com/ventures.