Israel-based supply chain software provider Bringg secured $25m on Tuesday in a series C round featuring industrial technology group Siemens, enterprise software provider Salesforce, beverage producer Coca-Cola and mobility technology producer Ituran.
Aleph VC, OG Tech Ventures, Cambridge Capital and Pereg Ventures also took part in the round, while Salesforce and Siemens invested through subsidiaries Salesforce Ventures and Next47 respectively. The company has now raised $53m in total, it said.
Founded in 2013, Bringg has developed logistics software that enables businesses in the retail, grocery, restaurant, consumer goods, logistics, healthcare and services industries to manage and track their deliveries.
The platform is currently available in more than 50 countries but Bringg plans to expand its global reach by using the new funds to invest in its sales, marketing and development efforts.
Next47 partner Matthew Cowan said: “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.”
Bringg closed a $22m series B round in January 2018, after raising additional capital from Salesforce Ventures and private investors Shmuel Harlap and Eyal Ofer that was added to a $10m first tranche led by Aleph VC and backed by Coca-Cola and Pereg in March 2017.
Ituran had participated in Bringg’s $5m series A round in 2015 that included an unnamed strategic investor. The company lists Cambridge Capital as an existing backer but has not revealed when it made its first investment.