TechCrunch: Last-Mile Delivery Startup Veho Raised $170M to Reach $1.5B Valuation

Feb 17, 2022

(Image Source: Bloomberg)

San Francisco-based Veho is back with a $170M Series B to further establish its unicorn status in the startup space. Led by Tiger Global, the round saw participation from SoftBank, General Catalyst and Industry Ventures among many others. The additional funds will go towards expansion across the country as well as technology & infrastructure investments, including warehouse automation. The package delivery company also has plans to ramp up recruitment to reach 2000 by the end of the year. 

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“The new round has accelerated all of those things,” said Itamar Zur, CEO and Co-founder of Veho. “And while we are growing fast, we continue to have metrics of 99.9% on-time delivery rate. For e-commerce companies, the cost of manufacturing or a slick website used to be the differentiator, but now logistics is at the forefront of innovation and is the new differentiator,” he added.

Veho’s newest round of funding was not a surprise to F-Prime Capital principals Benjamin Gorman and John Lin. As Gorman noted, it does not take much market share to have a significant business due to the large size of the logistics ecosystem. He also commented on the long-term trends that have been driving logistics. “E-commerce is growing, and the drivers…will continue to be new brands and a shift into penetration of verticals. There will also be new approaches in terms of consumer messaging. Like in the food and clothing space, how something is made and flows through the supply chain and logistics in an environmental way will be part of the brand message,” according to him.

Source: Another huge funding round gives Veho room to deliver

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