I am so excited to share that today we announced a series D funding of $30 million bringing our total funding to over $83 million. The round, led by Viola Growth and including Salesforce, OG Tech Ventures, Next47 and GLP was in the making for a while. And then Coronavirus hit.
COVID-19 has brought the economy to a standstill, and has many investors rethinking their portfolios, so naturally, I was feeling a bit unsure of how this would play out. But, while Corona has had some negative effects on the market, it has accelerated the delivery economy in numbers that were not expected for a few more years to come.
Specifically, over these past few weeks, we have seen a growth in our customers’ deliveries that far exceeded our expectations. Over the last 7 days, we saw a 77% growth rate in deliveries. When I break out the numbers further I see that:
- Grocery is experiencing an 80% growth rate over the last 30 days
- Restaurants had a 54% growth for the last 30 days and 113% growth rate over the last 7 days,
- And surprisingly, even retail is growing with an average of 8% growth in online orders.
Like I said the delivery economy is picking up. And while I believe this spike might not remain as high after COVID-19, I know one thing for sure, habits die hard.
Today’s shopper is getting used to a new normality that requires businesses to get goods delivered into the hands of customers at their homes, with specific fulfillment options, at chosen times and with the right communication channels. And Bringg, is now the mission-critical solution that enables businesses to do just that!
This is what investors noticed and this is why they were confident to invest in Bringg.
That being said, now more than ever, we will be using the funding to expand our platform for enterprise and SMBs, enrich our solutions and scale our workforce so that we can help all businesses overcome their delivery challenge.
Over these next few weeks and months we will be opening up to more fleets, to add additional capacity to our customers, productizing integrations for an open API and connecting to all e-commerce platforms to enable a strong logistics foundation via digital and live sales channels.
I want to take this opportunity to thank the investors, our partners, our customers and most importantly all Bringgsters. Without all the dedication, support and collaboration we couldn’t go as far as we have and I am excited for the endless road ahead.