Israeli delivery logistics solutions company Bringg raised $30 million in a Series D funding round led by Viola Growth, the company announced on Tuesday. Existing investors Next47, Salesforce, OG Tech Ventures, and GLP, also participated in the round.
Founded in 2013, Bringg provides enterprises with an efficient management solution for complex delivery operations. The company recently launched a new, free service aimed at helping small- and medium-sized businesses (SMBs) quickly launch and scale delivery operations amid the coronavirus pandemic.
Sign up for our free weekly newsletterSubscribe
Bringg said in a statement on Tuesday that with the outbreak of COVID-19, the company has seen a 24 percent week-over-week increase in customer delivery volumes across verticals as restaurants, grocers, retailers, and logistics providers “struggle to adapt to this market shift, unable to meet demands with their existing logistics operations and drivers.”
The latest funding round will allow Bringg to expand its workforce to help businesses overcome their delivery challenge, the company said.
“Enterprises we’ve spoken to were always aware that a big market shift was coming, but in a matter of only a few weeks that shift has fully arrived and almost everyone has been caught off guard,” said Bringg CEO Guy Bloch.
“This latest round is a vote of confidence from some of the leading investors in our industry and an affirmation that the market needs us now more than ever. And that we are the leading solution to help enterprises survive this upheaval while building the necessary delivery infrastructure to meet customer needs, sustainably, into the future,” he added.
Eran Westman, partner at Viola Growth, said: “We’re living in a ‘delivery economy’ and the latest market upheaval brought on by COVID-19 will only expedite this new reality in which brands won’t be able to afford to do business without this kind of solution.”
Bringg, he said, enables brands to “take full control of their data, increase customer satisfaction, and ultimately their revenues.
“Today with COVID-19 keeping consumers homebound, delivery is not a business differentiator but a critical logistics model, keeping businesses afloat. Our latest investment demonstrates our belief in the value Bringg delivers to the market, providing businesses of all sizes the capabilities to connect logistics data across different silos and optimize their operational models for rapid, convenient delivery service,” said Matthew Cowan, General Partner at Next47.
Bringg runs its corporate headquarters and an R&D center in Tel Aviv with field headquarters in Chicago and offices in New York. The latest round brings Bringg’s total funding to date to $83.3 million,