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Viola Growth is a technology growth capital fund, focusing on investing in global technology companies at expansion phase.

Behalf

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Rapid

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Tel Aviv

Bringg

Delivery

Bringg is the leading last mile delivery management platform provider

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Video Streaming

With many consumers making the switch to online shopping in the last year due to COVID-19 and largely staying active on those platforms even after physical shops and the freedom to move about them have been restored, companies that are enabling those services are continuing to see a lot of business and attention. In the latest development, Bringg, which has built software to help retailers with last-mile logistics — specifically to manage, and in some cases even tap, people fulfilling deliveries — has raised $100 million in a Series E round of funding.

The money is coming about a year after its last round — a $30 million Series D — and Bringg has confirmed that the funding values the company at $1 billion — representing a hike of about 4x on its previous valuation. Part of the reason for that has been the company’s strong growth of 180% in new customers over the last year, a high watermark for delivery services, given the pandemic.

Insight Partners is leading this round, and Salesforce Ventures, Viola Growth, Next 47, Pereg Ventures, Harlap, GLP and Cambridge Capital — all previous backers — are also investing.

Guy Bloch, Bringg’s CEO, said in an interview that the funding will be used both to continue growing Bringg’s customer base, but also the company’s capabilities, and also likely for acquisitions to consolidate some of the links that go into the logistics and fulfillment chain.

Bringg has to date focused on the last mile — a critical area for retailers, commonly accounting for 30-40% of the total cost of delivering an item — but Bloch believes there are other parts of the system that it could tackle alongside that.

“The aim is to perfect the customer experience,” he said of the company’s strategy. “It’s not just the last mile but the middle mile. We have so many examples of that.” It’s also building out more options for its customers, including wider flexibility around delivery in-store, “greener” deliveries bundling several orders in one area and more.

The company counts a number of huge companies among its list of current customers. They include Walmart, Albertsons, Co-Op in the U.K., Coca-Cola and Panera.

Bringg nabs $100M at a $1B valuation for a last-mile delivery platform for retailers

Over the last several years, delivery services have become a key component of how retailers, or anyone selling or distributing products and services, do business. Now, with a global health pandemic in full swing keeping people indoors (and away from physical storefronts), delivery has become an essential must-have if you want your business to stay alive. Today, a startup called Bringg, which helps companies build and run delivery operations, is announcing a growth round of $30 million to meet expanding demand for its services.

Tel Aviv-based Bringg already counts giants like Walmart, McDonald’s and Coke among its customers, and most recently introduced a last-mile delivery platform called BringgNow aimed at small and medium businesses to mobilise and manage their own and third-party fleets of delivery people.

The funding, a Series D, is being led by Viola Growth, with Next47, Salesforce, OG Tech Ventures and GLP (all previous investors) also participating.

It brings the total raised to around $83 million, and while Bringg is not disclosing its valuation, for context, PitchBook placed its last valuation ($25 million Series C in January 2019) at $214.7 million. Its revenues have been on the rise over the last year and Guy Bloch, the CEO, said in an interview that it’s definitely an up round.

“The company is growing very fast, and closing a round in ‘corona times’ says a lot,” he said.

Indeed, Bringg’s funding is coming at a key time for the delivery and logistics sector overall.

Delivery services, and businesses based around offering them, have been on an expansion tear over the last several years fueled by the rise of the on-demand economy. But the past several weeks — where consumers have been staying at home to slow the spread of the coronavirus pandemic, staying away from going outside; and businesses have been severely curtailing operations to limit people congregating in enclosed physical spaces — have turned all growth modeling on its head.

Bringg nabs $30M to expand its delivery logistics platform used by Walmart and others

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