Israeli cloud logistics platform provider Bringg has landed $100m in a Series E funding round, bringing its valuation to $1bn.
The round was led by Insight Partners, and joined by seven existing partners, including Cambridge Capital, Pereg Ventures, Salesforce Ventures, and Viola Growth.
Bringg says the capital injection makes it a new breed of unicorn, the first of its kind in last mile delivery and fulfillment cloud technology. The funding marks a major step in its growth trajectory with plans to invest in meeting surging demand, add a wider suite of capabilities through new technology partners, and scale further through potential M&A activity.
Bringg In brief
- Founded: 2013
- CEO: Guy Bloch
- Valuation: $1bn
- Product and service: Last mile cloud logistics platform
- Funding: $180m+ to date
Bringg’s explosive growth
The most recent funding round of $100m eclipses the company’s prior money-raising efforts; previously Bringg had raised a total of $83m from investors, most recently scoring $30m through a Series D in April 2020. In the intervening year, however, Bringg - and the last mile logistics sector in general - has grown considerably. Over the past 18 months, Bringg says its platform has “exploded” with 180% new customer growth, driven by the reshaping of fulfilment and delivery necessitated by the pandemic.
“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, Bringg’s chief exectuive. “We are honoured 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.”
Bringg's products and customers
Founded in 2013, Bringg now operates from six global offices, including Tel Aviv, London, and Chicago, and serves 55 countries. Its last mile capabilities include same-day delivery, white glove delivery, and reverse logistics, all with added visibility through real-time notifications and tracking.
Its customers include retail US heavyweight Walmart, UK chains Dixons Carphone and Co-Op, as well as food and beverage giants KFC, Panera Bread and Arcos Dorados, Latin America’s master McDonald’s franchise owner.
Bringg is also partnering with organisations to help drive down carbon emissions and meet sustainability commitments through BringgGreen, a suite of solutions launched in April 2021. The BringgGreen Sustainability Tech Practice includes solutions for green fleet selection and carbon reporting to help retailers and logistics providers reduce their carbon impact through sustainable last mile operations.
“We provide customers and ecosystem partners with education, functionality and data to execute, manage, and track their last mile sustainability efforts so they can be more eco-efficient and, in turn, have a positive impact on the environment,” the company says.