Bringg announces $25M financing round to accelerate growth
The new funding will help accelerate business expansion through sales, marketing and development efforts.
Bringg, an Evanston, Ill.-based delivery logistics platform for enterprises, raised a new funding round from strategic partners, bringing its investment total to $53 million. The $25 million C round adds Next47, the Siemens-backed global venture firm based in Palo Alto, Calif., to its existing list of investors, including Salesforce Ventures, San Francisco; Aleph VC, Israel; OG Ventures (Eyal Ofer’s VC arm), Tel Aviv; Cambridge Capital, West Palm Beach, Fla.; Coca-Cola Co., Atlanta; Ituran, Israel; and Pereg Ventures, New York.
The new funding will help accelerate business expansion through sales, marketing and development efforts targeted at securing additional global enterprise customers.
“This is a watershed moment for Bringg, as it goes into hyper-growth mode,” says Guy Bloch, chief executive officer at Bringg. “This new investment enables Bringg to level the playing field in the age of Amazon by enabling large retailers, grocery chains, consumer goods companies, restaurant chains and logistics firms to provide their customers with what they expect from their deliveries, based on the optimized business models required to win in today's challenging market. We are on a mission to equip enterprises with the technology platform they need to orchestrate successful delivery operations, providing their management and logistics teams with the visibility and control they need to not only survive, but [also] thrive in this exciting new landscape.”
“We’re delighted to invest in Bringg, a pioneering company that’s providing crucial capabilities to leading organizations looking to connect logistics data across different silos and optimize their last mile of delivery,” adds Matthew Cowan, partner at Next47. “With the global logistics market predicted to grow to $15.5 trillion by 2023 and the 'Amazon effect' drastically changing customer expectations, Bringg has a massive opportunity to fundamentally transform the logistics industry by enabling seamless automation, greater data transparency and a more collaborative mental outlook.”