Logistics Tech Company Veho Raises $170M Series B at $1.5B+ Valuation
To support this rapid footprint and expansion, Veho plans to grow its workforce from nearly 500 employees today to 2,000 by the end of 2022, including hiring more than 150 additional software engineers, and invest in business development capabilities to assess strategic acquisition opportunities.
“In an incredibly complex industry that has always lagged in innovation and customer focus, we are bringing more efficiency, transparency and control,” said Itamar Zur, co-founder and CEO, Veho. “Our brand partners are looking for an accelerated path to new markets and more ways to put the customer first to increase brand loyalty and lifetime value.”
“The parcel delivery industry is subject to enormous demand and an ongoing shift towards residential delivery. Veho’s highly flexible and consumer-centric delivery network is an ideal solution,” said Griffin SchröderPartner, Tiger Global.
“As e-commerce sales continue to soar, last-mile delivery capability has not kept pace, and logistics companies have not made the necessary technology investments to support a level of customer service expected by a new generation of consumers,” said Lydia Jet, managing partner at SoftBank Investment Advisers. “We believe Veho has built a leadership position in this market with an integrated technology platform that facilitates flexible and reliable delivery services, which drives conversion and customer loyalty. We are delighted to partner with Itamar Zur and team to support their mission to reinvent delivery.”
Veho is completely rethinking parcel logistics around the needs of e-commerce brands and their customers. With a network of company-operated warehouses, Veho facilitates next-day delivery from the brand’s distribution center to the consumer’s doorstep. Veho’s proprietary technology powers a platform that seamlessly meets demand for deliveries with outsourced drivers. These partner drivers pick up packages from Veho warehouses and deliver them to consumers on dense last-mile routes. This operating model enables on-time delivery rates of 99.9%, among the best in the industry.
Veho’s technology platform is perfectly suited to the delivery needs of e-commerce brands that prioritize flexibility and visibility in the customer experience, including HelloFresh, Misfits Market and thredUP. With a consumer rating of 4.9/5, Veho’s technology delivers a highly personalized delivery experience, facilitating deeper trust between e-commerce brands and the consumers they serve.
Veho enables real-time rescheduling, address changes and personalized delivery instructions, and provides live customer support throughout the delivery journey. In H1 2022, Veho will make the end-customer experience even more seamless, giving consumers greater visibility and control over their deliveries. The new core functions will give the consumer the assurance that he will receive his delivery where, when and how he wants every time.
In numerous A/B tests, Veho has proven a dramatic increase in every element of customer lifetime value for its e-commerce brand partners, with its return-to-home program well positioned to further reinforce the customer-centric approach. the business customer. The return-to-home service allows consumers to have their packages picked up at their doorstep with the click of a button, eliminating trips to shipping or packaging stores.
About Tiger Global
Tiger Global Management is an investment firm focused on private and public companies in the internet, software and fintech sectors. Since 2001, Tiger Global has invested in hundreds of companies in over 30 countries, including investments ranging from Series A to pre-IPO. The company aims to partner with dynamic entrepreneurs operating market-leading businesses in its core focus areas. Tiger Global’s investments include JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart and Toast.
Veho is a technology company revolutionizing parcel delivery for fast, seamless and personalized deliveries that increase customer satisfaction and increase customer lifetime value. For e-commerce brands, Veho offers a state-of-the-art, customer-centric delivery option to ensure that the shopping experience continues until the product arrives in the hands of its customers. By leveraging live customer communication, in-market warehouse locations and a vibrant marketplace to seamlessly meet demand for last-mile driver-partner deliveries, Veho provides e-commerce brands a complete solution to make delivery their competitive advantage. For more information, please visit https://shipveho.com.