Less than a year after closing a $30 million Series D round, Bringg CEO Guy Bloch knew it was time to raise more money. His customers — retailers like Walmart, Autozone, and Party City — needed more from Bringg's software amid an influx of e-commerce orders.
Bringg, which Bloch calls an operating system for the last mile, makes software that allows retailers to organize all of their online order delivery options — traditional warehouse shipping, curbside pickup, same-day delivery, and more — in one place.
Last month, Bringg announced a $100 million Series E round, ushering it into the fast-growing unicorn club. Insight Partners led the round, with existing investors Salesforce Ventures, Viola Growth, Next 47, Pereg Ventures, Harlap, GLP, and Cambridge Capital participating.
Before the pandemic, Bloch thought he'd spend 2020 and 2021 fine-tuning Bringg's platform for the steadily growing e-commerce ecosystem, and raise his Series E in 2024 or 2025. But halfway through last year, the company received a storm of requests from existing customers to connect with more fleets and delivery options, and add more capabilities. Bloch decided it was time to scale up. And investors (with highly favorable terms) are champing at the bit, evidenced by the dozens of high-dollar rounds flooding the e-commerce logistics space.
"The market is bubbling," he said.
Bringg will use the fresh funds to grow its team from 210 today to 300 by the end of the year and 500 in 2022. Bloch's building out a team in Kiev, Ukraine — Bringg's sixth office on top of Chicago, London, Sao Paulo, and Tel Aviv. He's also on the hunt for acquisitions since so much tech aptitude is pouring into logistics right now.
"You're getting great technology, like mushrooms after the rain," Bloch said. Here's the pitch deck he used to gain unicorn status and raise $100 million, abridged for brevity.
