Bringg, an Israeli provider of cloud-based delivery and logistics services, announced today the close of a $100 million Series E financing round led by Insight Partners with participation from existing investors including Cambridge Capital, GLP, Harlap, Next 47, Pereg Ventures, Salesforce Ventures, and Viola Growth.
Bringg’s market valuation was also increased to $1 billion as a result of the investment, making it the newest Israeli firm to enter the unicorn club.
Bringg will use the money to scale its platform through mergers and acquisitions and by expanding its ecosystem of strategic and technological partners in order to fulfill growing worldwide customer and market demand.
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Founded in 2013 by CTO Lior Sion and Raanan Cohen, who stepped down as CEO in 2018 after a strong five years. Guy Bloch succeeded him. The company employs 200 people, 120 in Israel and 80 in the United States, the United Kingdom, and Brazil. Bringg plans to hire 100 additional people this year.
Bringg’s platform has seen 180 percent year-over-year growth in new customers, fueled by the Covid-19 pandemic and the global shift to online activities. Customers include Walmart, KFC, McDonald’s, and Coca Cola.
Guy Bloch, CEO of Bringg, stated, “The World needed technology and innovation to keep the globe going forward during an exceptionally difficult time. We are happy to have stepped up and continued to deliver. We are humbled by our investors’ faith in us and look forward to continuing to pioneer the last-mile revolution – daily inventing a new future of delivery and fulfillment.”
Jeff Horing, co-founder and managing director of Insight Partners, adding, “Bringg is clearly doing something extraordinary, and we’re pleased to partner with them as they continue to alter the retail and logistics industries. With Guy’s experience and leadership, as well as a growing list of high-profile customers, we are confident that Bringg will continue to pioneer the way as the undisputed leader in the field.”