Bringg is making all the right moves right now.
Impact of Covid-19 and the holiday season
Even though brick-and-mortar stores are reopening, people understandably continue to shop more online. According to Emarsys data for the U.S., online shopping orders for retailers in the past seven days are up 29% from the year before; and for pure e-commerce companies, online shopping orders are up 57%.
The struggling restaurant industry is especially pressured to ramp up their delivery game as winter approaches.
And what’s more is during the upcoming holiday season, there are more packages than space on the trucks, with 5% over capacity expected, according to a Bringg company presentation.
So, what’s Bringg do?
The company makes software to help businesses create and manage efficient delivery operations. Bringg’s CTO, Lior Sion was the brains behind Gett, the Uber competitor. Lior Sion is also probably the name of somebody’s Fortnite character.
Juicy VC gossip
Bringg raised $30 million back in April as coronavirus was raging (the first time). Rumor has it that the lead investor Viola Growth cut the valuation of the financing as a precondition to getting the deal done. Presumably, Bringg took the terms because they wanted the cash to supercharge Covid-19 related growth which makes sense.
With winter months approaching, Covid-19 resurging and the upcoming holiday season, Bringg is swirling in the perfect storm for its own hyper growth.