Bringg, a delivery and fulfillment cloud platform provider, has announced that the company has closed a $100 million Series E investment led by Insight Partners with participation from seven existing investors, including Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth.
The funding will be used to meet the global customer and market demand by quickly scaling Bringg’s platform through M&A and by growing its ecosystem of strategic and technology partners. The investment also sets Bringg’s market valuation to $1 billion.
“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,” said Guy Bloch, CEO at Bringg. “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.”
“It’s clear to us that Bringg is building something special and we’re excited to partner with them as they continue to introduce transformative change for retailers and logistics partners,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners. “With Guy’s experience and leadership and a growing list of marquee customers, we’re confident that Bringg will continue to pave the way as the clear leader in the space.”
“It’s exciting to continue our journey with Bringg and be part of the passion that Guy and his team put into everything they do,” added Alex Kayyal, Partner and Head of International at Salesforce Ventures. “Bringg’s technology has had impact at one of the most complex and difficult times and the company’s focus on delivering innovation and value has inspired us as an investor from day one.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.