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Delivery logistics and fulfillment platform Bringg today announced it has raised $100 million in a round of funding led by Insight Partners. The series E round gives Bringg a valuation of $1 billion.
The raise comes as companies across just about every sector have been forced to change how they operate, with the retail industry in particular relying heavily on delivery and logistics infrastructure to continue trading during the pandemic.
“The pandemic has forced companies in all industries, and specifically the retail vertical, to pivot and quickly adapt to consumer expectations,” Bringg CEO Guy Bloch told VentureBeat. “Consumers are now heavily reliant on ecommerce deliveries and convenient options for pick up, and they are making purchase decisions based on how quickly they can receive orders.”
Founded in 2013, Bringg aims to help businesses compete with Amazon. To do so, Bringg’s modular platform enables retailers of any size to choose which tools they need — such as curbside pickup or last-mile delivery — to ensure they get goods from their warehouse to the consumer by tapping into local logistics providers. This includes real-time tracking and intelligent routing to optimize the path from seller to buyer.
The logistics companies themselves also benefit from Bringg, which provides the tools needed to let recipients schedule and reschedule their own deliveries based on when they’ll be available to accept the goods, preventing delivery drivers from having to make repeat calls.
Ultimately, Bringg saves companies from having to develop their own delivery infrastructure. The benefit this provides smaller companies is clear, but even larger businesses need what Bringg offers — after all, it counts giants such as Walmart among its clients. Indeed, Walmart launched a last-mile delivery service called Spark back in 2018, with Bringg serving as its launch partner.
A couple of months back, Bringg also launched a new sustainability-focused initiative called BringgGreen, which is designed to help customers — both retailers and logistics companies — meet their carbon reduction pledges. This is particularly relevant for bigger companies with large footprints.
“Those that have made a commitment to a more sustainable supply chain can use Bringg to reduce carbon emissions with integrated and dedicated eco-efficient tech functionality to measure, report, and improve their sustainability goals with defined KPIs and best practices,” Bloch said. “BringgGreen offers a competitive advantage for retailers and logistics providers to meet their sustainability goals.”
Bringg had previously raised around $85 million, and with its latest $100 million investment, which included participation from existing investors such as Salesforce Ventures, Cambridge Capital, Next 47, GLP, Harlap, Viola Growth, and Pereg Ventures, the company said it plans to fund R&D efforts and explore potential mergers and acquisitions.
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