Online delivery startup Onfleet bags major funding
US-based last mile delivery venture Onfleet has raised $14 million in a Series A funding round led by Kennet Partners.
It will use the cash to broaden its product offerings and expand its global footprint. The startup has now raised $20 million in total.
It says that it has added hundreds of new customers this year and doubled its year-over-year overall delivery volume as online sales rose amid the coronavirus pandemic.
Onfleet has powered more than 80 million deliveries in 90+ countries for the likes of Total Wine & More, Sweetgreen, Drizly, Imperfect Foods, Kroger, and Gap.
“We are living in a time of never before seen global economic uncertainty, which has turned the need for fast, reliable delivery services from a luxury to a basic necessity,” says Khaled Naim, Co-Founder and CEO, Onfleet.
“In a few short months, the importance of our work has become even more pronounced and we are doing everything that we can to help our clients quickly and efficiently deliver goods to their customers. We’re excited to partner with Kennet so we can double down on our commitment to help companies adapt, evolve and scale in this challenging environment.”
“Online delivery is a long-term growth industry, and the Covid-19 pandemic has only accelerated its explosive adoption. In order to compete, brands will need to extend their customer relationship and service experience to the doorstep, which creates a large market need that Onfleet is well positioned to solve,” says Javier Rojas, Managing Director at Kennet Partners.
“Onfleet’s proficiency in building such a capital efficient, product led sales growth model, all while being self-funded, is no small feat. With this additional funding, we are confident it will continue to expand and scale rapidly to become a market leading company.”