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Deliverr Announces $250 Million in Latest Fundraising Round With New Investor Tiger GlobalDeliverr, an e-commerce fulfillment and technology company that provides fast and affordable fulfillment services to e-commerce merchants on marketplace platforms like Shopify, Walmart, Amazon, eBay (News - Alert), Target, and many more, announced today that it has raised $250 million in a Series E fundraising round led by new investor Tiger Global. Existing investors, 8VC, Activant, GLP, Brookfield Technology Partners, and Coatue also participated in the round. This new capital will be used to accelerate commercial operations and expand Deliverr's next-day fulfillment service to e-commerce merchants of all sizes across the country. The funding also raises Deliverr's valuation to $2 billion, more than double the last funding round from earlier this year. This new raise positions the startup as the best capitalized and highest valued company in the e-commerce fulfillment and logistics space. "The most effective way to address supply chain congestion is to move inventory closer to the end customer. Deliverr is the only company working to solve this problem through stronger inventory placement, while leveraging cutting-edge machine learning and optimization technology to build a smarter fulfillment network," said Harish Abbott, Deliverr co-founder and CEO. "With this new capital, Deliverr will focus on scaling next-day fulfillment for e-commrce merchants and grow our world-class team of engineers, data scientists and operations experts." Deliverr's fast and affordable ecommerce fulfillment helps thousands of merchants sell more with higher conversions and lower advertising spend. Ultimately, this enables merchants to grow faster. Merchants on Deliverr grew 90% year-over-year compared to e-commerce growth rates at a fraction of that rate. Deliverr uses predictive analytics to anticipate demand for products based on demographics, geography and other variables. Deliverr then uses that analysis to preposition items close to demand. The company's forward deploy network includes more than 80 warehouses, cross-docks and sort centers. By stocking items near places of demand, Deliverr reduces the number of miles a product travels and enables Next-Day ecommerce fulfillment at affordable costs. In today's consumer marketplaces, demand for next-day and two-day delivery for online purchases intensifies -even as supply chain problems clog delivery operations for merchants around the world. "Deliverr is well-positioned to lead the ecommerce fulfillment space as several market forces converge," said John Curtius, Partner at Tiger Global. "While the global supply chain remains challenged because of the crippling impact of the coronavirus pandemic, online sales volumes and consumer demand for next-day delivery are projected to set new records. No other company, at the cutting-edge of fulfillment infrastructure and technology, will be able to solve for logistics chain disruptions, offer merchants next-day delivery, and save merchant money - all at the same time." In just over three years of operations, the Deliverr network is on track to power more than $2.5 billion GMV (News - Alert) run-rate by the end of 2021. Today, half of the U.S. population lives within 100 miles of a Deliverr network. To learn more please visit: https://deliverr.com/
View source version on businesswire.com: https://www.businesswire.com/news/home/20211122005847/en/ |
