New investment round values Bringg at $1 billion

Delivery and fulfilment cloud platform provider Bringg has closed a US$100 million Series E investment round led by Insight Partners with seven other existing investors including Salesforce Ventures.

The money is to be used to meet demand through quickly scaling the Bringg platform through mergers and acquisitions and growing its ecosystem of strategic and technology partners. It sets the company’s valuation at $1 billion, making it the first and only unicorn in last mile delivery and fulfillment cloud technology.

Due to the pandemic, Bringg has seen business boom with 180% year-on-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.

Share

Comments are closed.