Tel Aviv-based leading delivery logistics provider Bringg has raised $25 million in a Series-C round of funding to accelerate its growth worldwide, the company announced on Tuesday, bringing total investment in the company to date to $55m.
The financing round was led by Siemens-backed global venture firm Next47, which joins a long list of major investors including Salesforce Ventures, Aleph VC, OG Ventures, Cambridge Capital, Coca-Cola, Ituran and Pereg Ventures.The company’s software as a service (SaaS) or business orchestration platform enables traditional retailers to compete with the so-called “Amazon effect,” the disruption of the retail market and changing customer expectations caused by the constantly-advancing e-commerce and digital marketplace.
Bringg will use the funds, the company said, to further expand its current global reach of more than 50 countries, through sales, marketing and development efforts targeted at securing additional enterprise customers.
Existing major customers include Walmart, Arcos Dorado – the largest McDonald’s franchisee worldwide – and US-based Panera Bread Company.
“Customers want so much more from businesses today,” Bringg CEO Guy Bloch told The Jerusalem Post. “They want more convenience and more transparency. They want everything in real-time so they can take control.”
Bringg’s platform enables businesses to seamlessly manage the customer experience from initial order to delivery, integrating into existing enterprise systems including inventories, supply chains, billing and more.
The company’s delivery logistics management solution also provides the platform for enterprises of all sizes to manage, measure and track their entire delivery system, whether they are using in-house fleets, third-party providers or a combination of both.
“Every traditional company that needs to deliver goods or services to their customers have are four ways to address this problem,” Bloch said. “The first option is to remain as they are today and be left behind. The second option is to build an orchestration platform alone, but that could take years and they need it now. The third option is point solutions but it’s one-to-one relationships without a way of centralizing it all. The final option, however, is to just match Amazon – by using an orchestration platform that brings all this data together.”
According to research published by eMarketer in July 2018, Amazon was expected to capture almost half of the US e-commerce market last year (49.1%). In second place, Ebay’s sales share was expected to stand at a far more modest 6.6%. Amazon’s share of the market is expected to grow further in coming years.
“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,” said 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.”