Point Pickup raises $30m to meet growing demand for enterprise e-Commerce final-mile delivery
Point Pickup Technologies, the company that has successfully reinvented the final-mile delivery model for many of the US's top e-Commerce enterprises, has raised $30 million from BBH Capital Partners. This Series A investment joins previous seed rounds from private investors and CT Innovations, a venture capital group that supports innovation and startups in the state of Connecticut.
Jeffrey Price, Sr. Vice President of Brown Brothers Harriman & Co. and Co-Manager of CP Opportunities Fund said: "Point Pickup's unique market position and impressive growth are exactly what we look for in a company. Point Pickup is well positioned to take advantage of the significant uptick we're seeing in the final-mile delivery market."
The $30 million funding will be used to innovate and enhance the company's technology platform and highly specialized client services to meet the surging and diversifying demand that has propelled the company's growth rate to 6x in the last six months. At a time when every retailer must transform itself into an online delivery business, Point Pickup offers the only solution with scale.
Tom Fiorita, Point Pickup's CEO said: "While our e-Commerce clients were already feeling the competitive pressure to offer same-day, home delivery, the COVID-19 crisis has forced them to accelerate their plans. We've quickly responded with our tailored solutions to onboard each new enterprise within a few weeks. Once implemented, our platform and driver networks are designed to easily scale to new product and geographical markets."
Point Pickup's delivery solutions are powered by an optimized data-driven platform with proprietary Precision Matching technology, enabling the company to deliver the unprecedented level of scalability required by today's e-Commerce enterprises. Point Pickup provides a delivery service that naturally scales by matching the appropriate driver, in the correct vehicle, to exact delivery specifications in every major and secondary market in all 50 US states.
Valery Clarimboli, Vice President, e-Commerce Operations, Giant Eagle said: "Given our increasing customer demand for store-to-home delivery, and the recent spike due to COVID-19, we needed a partner that could instantly meet the challenges of the grocery marketplace. Point Pickup's ability to quickly scale our delivery operations across multiple states, including difficult to serve secondary markets, has been critical to our business."
Point Pickup's solutions address the needs of the entire e-Commerce ecosystem, allowing enterprises, drivers and consumers to benefit from higher levels of predictability and reliability previously lacking in the final-mile delivery market.