Bringg, an Israeli startup developing a cloud-based delivery and fulfillment platform, announces today the closing of a $100 million Series E round, led by Insight Partners. Others participating in the round include: GLP, Cambridge Capital, Salesforce Ventures, Pereg Ventures, Next 47, Harlap, and Viola Growth. The mega-round also helped propel Bringg’s valuation over the Unicorn bar of $1 billion.
Nearly tripled new customers in a year
The Bringg platform integrates throughout an enterprise’s fulfillment supply chain, including CRM, inventory management, electronic trade, and delivery systems. This way customers can use one dashboard to oversee deliveries - from tracking stock through managing delivery truck schedules, and notifying customers with real-time shipment location. The system is based on cloud technologies and is offered as a SaaS solution.
This past year, which saw a sharp rise in eCommerce, also contributed to an increase in delivery and logistics -- making a platform like Bringg’s incredibly attractive. Over the last 18 months, the startup has reported a 180% rise in new customers.
Although Bringg benefited from the pandemic induced transition to digital infrastructure, it could not ignore the harsh situation many small and medium businesses found themselves in, resulting in the Israeli startup opening its platform for free to help them stay afloat.
“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.”
Bringg was founded in 2013 (under the name overvyoo) by Raanan Cohen, the founder of MobileMax; and Lior Sion, former CTO and VP Product at Gett. The Israeli startup currently has 200 employees - 120 of them in Israel and 80 split between offices in Brazil, the UK, and the U.S. Bringg states that the capital will be used to rapidly expand the platform, as well as add 100 new hires to the company headcount.