Israeli delivery logistics company Bringg announced today a $30 million series D financing round led by Viola Growth. The latest round takes Bringg’s funding total to $83.3 million, enabling rapid global market expansion to both large enterprises and SMBs.
With the outbreak of Covid-19, the delivery market has, in a matter of weeks, seen adoption that was predicted to occur in a few years’ time. In this last week alone Bringg has seen a 24% week-over-week increase in customer delivery volumes across verticals. Restaurants, grocers, retailers, and logistics providers have struggled to adapt to this market shift, unable to meet demands with their existing logistics operations and drivers.
Bringg can assist many of the businesses who are challenged with the task of building a sustainable delivery model that can scale quickly with new delivery options and third-party fleets. With Bringg’s Delivery Logistics platform, businesses can orchestrate, manage, measure and track their entire delivery ecosystem, whether they are using in-house fleets, third party providers, or both. This latest round of funding will allow Bringg to expand its large enterprise and BrinngNow SMB solutions and scale its workforce to help all businesses overcome their delivery challenge.
Bringg CEO Guy Bloch said, "Enterprises we’ve spoken to were always aware that a big market shift was coming, but in a matter of only a few weeks that shift has fully arrived and almost everyone has been caught off guard. This latest round is a vote of confidence from some of the leading investors in our industry and an affirmation that the market needs us now more than ever. And that we are the leading solution to help enterprises survive this upheaval while building the necessary delivery infrastructure to meet customer needs, sustainably, into the future."
"We’re living in a ‘delivery economy’ and the latest market upheaval brought on by Covid-19 will only expedite this new reality in which brands won’t be able to afford to do business without this kind of solution" said Eran Westman, Partner at Viola Growth. "Bringg enables brands to take full control of their data, increase customer satisfaction, and ultimately their revenues. We believe this market has major expansion potential and that Bringg, with its exceptional vision and execution, is ripe to take leadership, which is why we decided to lead this round."
Published by Globes, Israel business news - www.globes-online.com - on April 7, 2020
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