Israeli delivery logistics solutions company Bringg raised $100 million in a 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 company announced Wednesday.
The investment sets Bringg’s market valuation to $1 billion which, according to the company, makes it the first unicorn in last-mile delivery and fulfillment cloud technology.
Bringg was founded in 2013 to provide enterprises with an efficient management solution for complex delivery operations via a SaaS (software-as-a-service) platform that offers companies real-time capabilities for tracking and delivery logistics. Bringg says its solution provides the platform for enterprises to “orchestrate, manage, measure and track their entire delivery ecosystem, whether they are using in-house fleets, third-party providers, or a combination of both.”
The company said that over the past 18 months, demand for Bringg’s platform exploded with 180 percent year-over-year new customer growth, particularly due to the COVID-19 pandemic. At the height of the crisis, Bringg launched a new, free service aimed at helping small- and medium-sized businesses (SMBs) quickly launch and scale delivery operations.
“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.”
Jeff Horing, co-founder and managing director at Insight Partners said “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.”
“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 [an] 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 runs its corporate headquarters and an R&D center in Tel Aviv with field headquarters in Chicago and offices in New York.