Logistics platform Bringg raises $100m at $1b valuation

The Israeli delivery and logistics cloud platform provider has become the latest Israeli startup to join the unicorn club.

Israeli delivery and logistics cloud platform provider Bringg announced today the completion of a $100 million Series E financing round led by Insight Partners with participation from existing investors, including Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth. The investment also set Bringg's market valuation at $1 billion, making it the latest Israeli startup to join the unicorn club.

The funding will be used to meet the increasing global customer and market demand by quickly scaling Bringg's platform through mergers and acquisitions and by growing its ecosystem of strategic and technology partners.

Bringg was founded in 2013 by CTO Lior Sion and Raanan Cohen who resigned in 2018 after serving as CEO for five years and was replaced by Guy Bloch. The company has 200 employees including 120 in Israel and 80 in offices in the US, UK and Brazil. Bringg says it plans hiring 100 more employees this year.

Demand for Bringg's platform has seen new customer growth rise 180% year-over, driven by the Covid-19 crisis and the global shift to online activity. Customers come from retail logistics and food and include Walmart, KFC, McDonald's and Coca Cola.

Bringg CEO Guy Bloch said, "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. 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."

Insight Partners cofounder and managing director Jeff Horing added, "It's clear to us that Bringg is building something special and we're excited to partner with them as they continue to introduce transformative change for retailers and logistics partners. With Guy's experience and leadership and a growing list of marquee customers, we're confident that Bringg will continue to pave the way as the clear leader in the space."

Published by Globes, Israel business news - en.globes.co.il - on June 16, 2021

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