Israeli delivery platform Avo announced today that it has completed a $45 million Series B financing round led by Insight Partners, and with the participation of existing investors Kleiner Perkins and JLL Spark. Avo, which has developed a vertically integrated residential and office delivery platform in the US, will use the new funds to expand operations rapidly across 10 major markets in the next 12 months. The latest funding brings the total amount raised by Avo to $80 million.
Avo's mission is to deliver everything from groceries and alcohol to electronics and personal care items to millions of people daily. The company's customizable amenity platform enables residential and commercial customers to obtain everyday items, the same day, without any minimum order size or incurring any delivery fees of any kind. The platform also excludes a tipping fee, as Avo has a full-time salaried team. Avo is currently adding a new major market every month - a dramatic increase in growth that has helped drive revenue 1000% over the past two years, spurred on by the Covid pandemic.
Avo cofounder and CEO Dekel Valtzer said, "At Avo, you can order as little as a single avocado, and that's all you'll pay for - and our explosive growth is proof that our model is resonating. Our belief is that people shouldn't be surprised by last-minute fees at checkout. We're thrilled that this new investment will allow us to deliver delight to so many more commercial and residential communities across the country." Launched in 2017, Avo began by delivering baby products to parents at nurseries in Tel Aviv. Since then, the company has expanded its offerings and reach across Israel and into the US, where it serves thousands of residential communities, corporations, hospitals and universities in New York, New Jersey, Chicago, and Houston. The company's existing customers include many of the country's most prominent real estate developers and property managers, including Related, Extell, Greystar, FirstService Residential, Tishman Speyer, Cushman & Wakefield and JLL. Avo also partners with Fortune 1000 organizations such as Facebook, KPMG, Microsoft, Apple, AT&T, Booking.com and PwC, who use Avo to increase employee engagement, satisfaction, and retention.
Published by Globes, Israel business news - en.globes.co.il - on September 29, 2021
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