Tiger Global leads with SoftBank Vision Fund 2; new funding will accelerate market expansion and consumer-focused offerings
NEW YORK, February 15, 2022 / PRNewswire / – Veho, a technology company that is revolutionizing package delivery today announced a $ 170 million Series B is led by Tiger Global with SoftBank Vision Fund 2 valued at more than $ 1.5 billion. Funding comes just 6 weeks after the company closed Round A with an oversubscription in a $ 1 billion valuation, bringing the company to $ 300 million capital raised to date. Existing investors, including General Catalyst, Bling Capital, Construct Capital, Industry Ventures and Origin Ventures, also took part in this round. Other well-known investors include The Chainsmokers Mantis VC Fund, as well as the founders and executives of Allbirds, Everlane, FIGS, Harry’s, Flexport and Varby Parker.
Milestone raises $ 170 million Series B is led by Tiger Global and SoftBank Vision Fund 2 with a valuation of $ 1.5 billion +
The Veho model has demonstrated strong financial performance, with the vast majority of markets already profitable today. E-commerce brands partnering with Veho have also benefited significantly from economic benefits, measuring up to 40% + increase in customer cost of living (LTV). With the help of additional capital, the company plans to accelerate entry into new markets, expanding national coverage during 2022, while expanding the automation of warehouses. In addition, the company plans to scale its recently launched nationwide return program and continue to invest in customer service through features such as the Real-Time Transportation Visibility Program (RTTV).
To support this rapid expansion and expansion, Veho expects to increase its staff from nearly 500 employees today to 2000 by the end of 2022, including hiring more than 150 additional software engineers, and investing in corporate development capabilities to assess opportunities for strategic acquisitions.
“In an incredibly complex industry that has historically lagged behind in innovation and customer focus, we provide greater efficiency, transparency and control,” he said. Itamar Zur, co-founder and CEO of Veho. “Our brand partners are looking for an accelerated path to new markets and more ways to bring the customer to the forefront to increase brand loyalty and lifelong value.”
“The parcel delivery industry is strained due to the huge demand and the constant shift towards delivery in residential deliveries. Veho’s very flexible and consumer-oriented delivery network is the perfect solution,” he said. Griffin Schroederpartner, Tiger Global.
“As e-commerce sales continue to grow, last-mile delivery capacity has not had time, and logistics companies have not made the technological investments needed to support the level of customer service expected by the new generation of consumers,” he said. Lydia Jet, managing partner of SoftBank Investment Advisers. “We believe that Veho has won a leading position in this market through an integrated technology platform that promotes flexible and reliable delivery services that promotes conversion and customer loyalty. We are very happy to cooperate with Itamar Zur and a team to support their mission to resume delivery. “
Veho is completely redesigning package logistics to meet the needs of e-commerce brands and their customers. Thanks to a network of warehouses run by companies, Veho facilitates next day delivery from the brand’s distribution center all the way to the consumer’s door. Veho’s patented technology provides a platform that seamlessly meets the demand for supplies through crowdsourcing drivers. These driving partners collect packages from Veho warehouses and deliver them to consumers on dense last-mile routes. This operating model provides industry-leading 99.9% on-time delivery.
Veho’s technology-enabled platform is ideal for the delivery needs of e-commerce brands that prefer flexibility and visibility to customers, including HelloFresh, Misfits Market and thredUP. With a consumer rating of 4.9 / 5, Veho technology provides personalized delivery, fostering deeper trust between e-commerce brands and the consumers they serve.
Veho allows real-time porting, change of addresses and personalized delivery instructions, and provides live customer support throughout the delivery route. In the first half of 2022, Veho will make the work of end customers even more seamless, giving consumers more visibility and control over their deliveries. The new basic features will give the consumer confidence that he will get his delivery where, when and how he wants.
In numerous A / B tests, Veho has proven a dramatic increase in every element of a customer’s lifetime value for its e-commerce brand partners, and its return from the threshold program is well positioned to further strengthen the company’s customer-centric approach. The Threshold Return service allows consumers to pick up packages from the threshold at the touch of a button, excluding trips to shipping stores or packaging stores.
About Tiger Global
Tiger Global Management is an investment firm focused on private and public companies in the Internet, software and financial technologies sectors. Since 2001, Tiger Global has invested in hundreds of companies in more than 30 countries, including investments from Serie A to IPOs. The firm is committed to collaborating with dynamic entrepreneurs working with leading companies in the market in their core industries. Tiger Global’s investments included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart and Toast.
Veho is a technology company that is revolutionizing the delivery of packages for fast, transparent and personalized deliveries that increase customer satisfaction and ensure their life value. For e-commerce brands, Veho provides a technological and customer-oriented delivery option to ensure that the shopping experience expands throughout the way the product enters the hands of their customers. Utilizing live communication with customers, location in the warehouse market and a dynamic market to easily meet demand for supplies with last-mile driving partners, Veho provides e-commerce brands with the complete solution to make delivery a competitive advantage. For more information, visit https://shipveho.com.
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