Israeli mobility investment startup Bringg completes $100m Series E investment round
Ituran Location and Control announced its successful early-stage mobility technology holding, Bringg, completed Series E investment round of $100 million. Following the round, Ituran's undiluted holdings are 17.2%.
The round is being led by Insight Capital, a new investor, and included participation from several of its existing investors. The funding will be used to meet the increasing global customer and market demand by quickly scaling Bringg's platform through M&A and by growing its ecosystem of strategic and technology partners. The investment sets Bringg's valuation at $1 billion, making it the first and only unicorn in last-mile delivery and fulfillment cloud technology.
Eyal Sheratzky, CEO, Ituran: "Bringg is a company that Ituran seeded in 2014 and even after this latest funding round, we remain the largest shareholder of the company. Ituran is constantly looking to invest and grow companies which are building disruptive mobility technologies with the potential to become future global leaders. Our investment in Bringg is a successful element of this strategy and Bringg has shown significant progress especially in the past year, with fast growing sales to top-tier global companies. We are pleased that our strategy has borne fruit and is demonstrating a strong value-add to Ituran and its shareholders."
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