Israeli delivery logistics platform for enterprises Bringg announced today that it has closed a $25 million Series C financing round from Next47, the Siemens-backed global venture firm. Previous investors include Salesforce Ventures, Aleph VC, OG Ventures (Eyal Ofer’s venture capital fund), Cambridge Capital, Coca-Cola, Ituran and Pereg Ventures. The Tel Aviv based startup has raised $53 million to date including the latest financing round.
With major customers including Walmart, Panera Bread, and Arcos Dorados (McDonalds’ largest global franchisee), the new funding will help accelerate business expansion during the company’s rapid growth stage. Bringg, which already operates in over 50 countries, will use the funds to further expand globally through sales, marketing and development efforts targeted at securing additional global enterprise customers.
Growing pressure for faster deliveries that are also more convenient and fully transparent, means that businesses are increasingly being asked to find new ways to create better experiences for their customers, while optimizing their delivery-related business models. Bringg’s Delivery Logistics solution provides the platform for enterprises to orchestrate, manage, measure and track their entire delivery ecosystem, whether they are using in-house fleets, third party providers, or a combination of both.
Bringg CEO Guy Bloch said: “This is a watershed moment for Bringg as it goes into hyper-growth mode. This new investment enables Bringg to level the playing field in the age of Amazon by enabling large retailers, grocery chains, consumer goods companies, restaurant chains and logistics firms to provide their customers with what they expect from their deliveries, based on the optimized business models required to win in today's challenging market.”
He added: “We are on a mission to equip enterprises with the technology platform they need to orchestrate successful delivery operations - providing their management and logistics teams with the visibility and control they need to not only survive but thrive in this exciting new landscape.”
Next47 partner Matthew Cowan said, “We’re delighted to invest in Bringg, a pioneering company that’s providing crucial capabilities to leading organizations looking to connect logistics data across different silos and optimize their last mile of delivery. With the global logistics market predicted to grow to $15.5 trillion by 2023 and the 'Amazon effect' drastically changing customer expectations, Bringg has a massive opportunity to fundamentally transform the logistics industry by enabling seamless automation, greater data transparency, and a more collaborative mental outlook.”
Published by Globes, Israel business news - en.globes.co.il - on January 15, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019