US-based logistics software producer Bringg completed a $100m series E round on Wednesday that included logistics service provider GLP, enterprise software producer Salesforce and industrial technology and appliance manufacturer Siemens.
Growth equity firm Insight Partners led the round, which also featured Cambridge Capital, Pereg Ventures, Viola Growth and private investor Shmuel Harlap, while Salesforce and Siemens took part through Salesforce Ventures and Next 47 respectively.
Bringg has built a cloud-based software platform that utilises artificial intelligence to help organisations more efficiently fulfil their e-commerce deliveries. The round valued it at $1bn post-money and the cash will support strategic acquisitions as the company looks to grow.
Alex Kayyal, the Salesforce Ventures partner who is also its head of international, said: “It is exciting to continue our journey with Bringg and be part of the passion that [Bringg CEO Guy Bloch] and his team put into everything they do.
“Bringg’s technology has had impact at one of the most complex and difficult times and the company’s focus on delivering innovation and value has inspired us as an investor from day one.”
The round brought the company’s overall funding to more than $183m, including a $30m series D round in April 2020 led by Viola Growth and backed by GLP, Next47, Salesforce Ventures and holding company Ofer Global’s OG Tech Ventures subsidiary.
Salesforce Ventures, Next47, beverage producer Coca-Cola and mobility technology provider Ituran had joined OG Tech Ventures, Cambridge Capital, Pereg Ventures and Aleph VC to supply $25m in series C funding for Bringg in early 2019.
The company had previously closed a $22m series B round featuring Salesforce Ventures, Coca-Cola, Aleph VC, Pereg Ventures, Shmuel Harlap and Eyal Ofer in 2018, having raised $5m from investors including Ituran in a 2015 series A round that boosted its overall funding to $7.5m.
