Veho hits $1.5+bn valuation with mega Series B funding round
Logistics tech company Veho has announced a $170 million Series B raise led by Tiger Global with participation from SoftBank Vision, at a $1.5+ billion valuation.
This closely follows the firm closing an oversubscribed Series A round at a $1 billion valuation, bringing it to $300 million of capital raised to date.
From a network of company operated warehouses, Veho facilitates next-day delivery for e-commerce brands.
Its technology powers a platform that matches demand for deliveries with crowdsourced drivers. These drivers collect packages from Veho warehouses and get them to consumers.
Veho is looking to grow its headcount from nearly 500 employees today to 2,000 by end of 2022, including hiring more than 150 additional software engineers, and also evaluate opportunities for strategic acquisitions.
“In an incredibly complex industry that has historically lagged in innovation and customer focus, we’re bringing greater efficiency, transparency, and control,” says Itamar Zur, Co-founder and CEO, Veho.
“Our brand partners are looking for an accelerated path into new markets, and more ways to bring the customer to the forefront to increase brand loyalty and lifetime value.”
“The parcel delivery industry is straining under enormous demand and a permanent shift toward residential delivery. Veho’s highly flexible and consumer centric delivery network is an ideal solution,” says Griffin Schroeder, Partner, Tiger Global.
“As e-commerce sales continue to soar, last mile delivery capacity has not kept pace, nor have logistics companies made the technological investment necessary to support a level of customer service that is expected by a new generation of consumers,” comments Lydia Jett, Managing Partner at SoftBank Investment Advisers.
“We believe that Veho has built a leading position in this market with an integrated technology platform that facilitates flexible and reliable delivery services, which drives conversion and customer loyalty.”
