Bringg announces a $100 million Series E investment round

Chicago-based Bringg, a provider of a delivery orchestration platform and related services, recently announced today it has officially closed a $100 million Series E investment round.

The company said that this round of funding was led by Insight Partners, with other participating investors including: Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth.

Bringg added that this funding will be geared towards meeting increasing global customer and market demand through the scaling of its platform through M&A, as well as expanding its ecosystem of strategic- and technology-based partners, too, while bringing its market valuation to $1 billion.

What’s more, the company said that this investment makes Bringg the “first and only unicorn in last mile delivery and fulfillment cloud technology.” And it added that as the delivery and fulfillment sector has undergone a major transformation, due to the pandemic, Bringg has seen 180% annual customer growth.

Bringg CEO Guy Bloch provided LM with additional information about this round of financing.

LM: What are the main benefits of this Series E round of funding for both:

Bloch: For Bringg (in terms of growth plans etc.), we are in a time of hyper-growth both as a company and as an industry. In order to meet the growing needs, we will expand our teams as well as look to M&As to expand our offerings, accelerate our roadmap and build out scale. 

This round will ensure that our customers have the solutions they need when they need them. Our R&D teams will be focused on continually releasing the latest innovations while our customer success teams ensure easy onboarding and hands-on support as well as continual customer education on the market, product and best practices. 

LM: With this round of investment, how much capital has Bringg raised to date?

Bloch: With this latest round, Bringg has raised a total of $184.5M. This is Bringg’s 8th funding round.

Bringg’s previous funding rounds include:

· April 7th, 2020: Series D, $30M

· January 15th, 2019: Series C, $25M

· January 16th, 2018: Series B, $12M

· March 14th, 2017: Series B, $10M

· September 1st, 2016: Series B, $5M

· December 1st, 2013: Seed Round, $2.5M

· January 1st, 2013: Pre Seed Round

LM: In your opinion, how has the pandemic changed consumers needs and expectations and how has Bringg adapted to those changes in terms of how it serves its customers?

Bloch: Consumers have become much more reliant on e-commerce deliveries over the last year. Today’s consumers are most loyal to those brands that can get them their goods when and how they want it. Beyond that, with the growth of e-commerce and the number of deliveries, consumers are more aware of the environmental impact this new lifestyle demands and are looking at retailers and providers to make a commitment to more sustainable supply chain initiatives. We have met both the demand for capacity and speed by scaling our technology and teams and now we are meeting the new environmental demands with Bringg's Sustainability Tech Practice. Our Sustainability Tech Practice works with brands and providers 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 and empower their end consumers with the more options for green services and transparency.