Delivery and fulfillment cloud platform provider Bringg has closed a $100 million Series E investment, bringing the company’s market valuation to $1 billion, the company said today.
Bringg will use the funding for merger and acquisition (M&A) growth and to build its network of strategic and technology partners, the company said. Overall, the funding will boost the company’s ability to meet growing demand for delivery and fulfillment technology, which has accelerated during the pandemic. Company leaders said demand for Bringg’s platform has soared in the last 18 months, with 180% year-over-year new customer growth.
“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,” Guy Bloch, Bringg’s CEO, said in a statement announcing the funding round. “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.”
The investment was led by Insight Partners with participation from seven existing investors: Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth.