E-commerce fulfillment and technology provider Deliverr Inc. today said it will use a $250 million venture capital round to accelerate commercial operations and expand next-day fulfillment service to e-commerce merchants of all sizes across the country.
The “series E” fundraising round was led by new investor Tiger Global, alongside existing investors 8VC, Activant, GLP, Brookfield Technology Partners, and Coatue. The funding raises four-year-old Deliverr’s valuation to $2 billion, more than double the last funding round from earlier this year and safely above the $1 billion threshold known as “unicorn status.”
Tiger Global has participated in a flood of recent investments in logistics startups, including $25 million for warehouse automation tech vendor SVT Robotics, $600 million for autonomous package delivery cart maker Nuro, $26 million for robot artificial intelligence provider Ambi Robotics, and $50 million for warehouse automation provider Locus Robotics, all since June. Earlier investments over the past 12 months have also included participation in rounds of $200 million for the autonomous trucking platform provider Embark Trucks Inc., another $150 million for Locus Robotics, and $70 million for on-demand warehousing and fulfillment provider Flexe.
Backed by Tiger’s deep pockets, Deliverr now plans to scale up its next-day fulfillment for e-commerce merchants and grow its team of engineers, data scientists, and operations experts, company co-founder and CEO Harish Abbott said in a release.
“The most effective way to address supply chain congestion is to move inventory closer to the end customer. Deliverr is the only company working to solve this problem through stronger inventory placement, while leveraging cutting-edge machine learning and optimization technology to build a smarter fulfillment network,” Abbott said.
Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing