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Bringg Valued At $1 Billion After Closing $100 Million Series E

Bringg Valued At $1 Billion After Closing $100 Million Series E

June 16, 2021 at 09:22PM
by PYMNTS

Delivery and fulfillment startup Bringg raised $100 million in a Series E funding round led by Insight Partners, with participation from existing backers Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures and Viola Growth.

Headquartered in Tel Aviv, Israel and founded in 2013, the startup will use this fresh infusion of capital to scale operations to meet the growing global market demand for last-mile delivery and fulfillment cloud technology, according to a Bringg press release on Wednesday (June 16).

The investment raises the firm’s value to $1 billion, giving it unicorn status, per the release.

“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 Bringg CEO Guy Bloch.

“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,” he added.

The COVID-19 pandemic propelled the delivery and fulfillment industry into high gear, with increased demand for services worldwide. Bringg said new customer growth is up 180 percent year over year.

Insight Partners Co-Founder and Managing Director Jeff Horing said Bringg is “building something special” and will bring about increasing “transformative change.”

Bringg helps companies optimize their logistics operations and is used by big brands in more than 50 countries.

Demand for last-mile delivery surged during the pandemic and so far shows no sign of slowing down as consumers continue to shop online and seek delivery for everything. Convenience stores saw third-party delivery app sales soar some 346 percent last year.

In a PYMNTS study, approximately 72 percent of respondents said they planned to keep some or all of the digital habits adopted during the pandemic. Instacart, Uber Eats, DoorDash, Grubhub and other platforms have been developing plans to keep the digital ordering wave going long after the pandemic has passed.