Tiger Global Bet Values E-Commerce Firm Deliverr at $2 Billion
Tiger Global Bet Values E-Commerce Firm Deliverr at $2 Billion
(Bloomberg) -- Deliverr, an e-commerce fulfillment and technology startup, raised $250 million in a funding round led by Tiger Global that values the company at $2 billion, its CEO said.
Existing investors including Coatue, 8VC, Activant, Brookfield Technology Partners and GLP also participated in the round, Deliverr Chief Executive Officer Harish Abbott said in a statement confirming earlier reporting from Bloomberg News.
“The most effective way to address supply-chain congestion is to move inventory closer to the end customer,” Abbott said in the statement. Deliverr intends to spend the funding on expanding its next-day fulfillment efforts for e-commerce merchants, and to hire additional engineers, data scientists and operations staff, he said.
The San Francisco-based company says it’s set to facilitate more than $2.5 billion in annualized gross merchandise volume by the end of the year and that its clients include merchants on platforms like Walmart, Amazon, Shopify, Target and eBay. Founded in 2017, the startup uses predictive analytics to forecast consumer demand and position items in its network of over 80 warehouses, sort-centers and cross-docks, to achieve next-day delivery.
“While the global supply chain remains challenged because of the crippling impact of coronavirus pandemic, online sales volumes and consumer demand for next-day delivery are projected to set new records,” John Curtius, a partner at Tiger Global, said in an emailed statement. “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.”
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