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Deliverr Announces $35M Convertible Note
With the recent news of a $35 million convertible note and $135 million Series D funding, Deliverr is looking to expand its next-day delivery coverage across the country. The company uses predictive analytics to anticipate demand for its products.
Online Delivery Service
Deliverr 170M Series Coatue 240MSternlichtForbes is an online delivery service that provides shipping services to e-commerce companies. Its technology is based on machine learning and is able to predict inventory and demand. With the new funding, it is planning to expand its network of warehouses and enhance its delivery coverage.
Coatue Management & Brookfield Technology Partners
The company recently raised $135 million in Series D financing led by Coatue Management and Brookfield Technology Partners. This round also included existing investors such as Activant Capital, GLP, and 8VC. In addition to the funding, Deliverr received a $35 million convertible note from Brookfield Technology Partners. As a result, Deliverr has now raised $240 million in total funding.
Goldman Sachs Asset Management
Deliverr 170M Series Coatue 240MSternlichtForbes current investor base also includes Goldman Sachs Asset Management, Savant Growth, and Sixth Street Growth. This funding will allow the company to finance its expansion of its drug candidate pipeline and continue to hire new team members. By expanding its logistics network, Deliverr will be able to provide greater delivery coverage, allowing consumers to receive their packages on time.
Fast Fulfillment Services
Deliverr 170M Series Coatue 240MSternlichtForbes is a provider of fast fulfillment services to e-commerce merchants. This company’s software uses machine learning to optimize inventory positioning in its network of 80 leased warehouses. The technology moves products to consumers in one to two days. By using predictive analytics, the company is able to anticipate customer demand. It then prepositions items closest to consumer demand, thereby reducing the number of trips it takes to get products to consumers.
Chicago
Deliverr has offices in Chicago, Toronto, and San Francisco. The company has an engineering team that includes data engineers and product developers. In the last year, Deliverr has increased its footprint by 4X and increased its customers by 11X. Moreover, the company recently raised $40 million in Series C funding. Using the new money, the company plans to expand its delivery coverage and improve its predictive inventory management.
One of the company’s new products is a tool that uses predictive analytics to determine which shipping method is most appropriate for each individual order. Essentially, Deliverr’s technology can tell you which shipping method will result in the fastest delivery time and minimize costs.
Beneficiary of the Tech Boom
Deliverr is a logistics and fulfillment service that helps online merchants ship goods to their consumers in a matter of hours. The company has a network that is spread across the U.S., and works with marketplace platforms like Amazon, Target, Walmart, and Shopify. By the end of 2021, the company expects to have a $2.5 billion gross merchandise volume (GMV) run rate.
Deliverr has been funded by Coatue, Tiger Global, Activant Capital, and also 8VC. Its Series A round was $20 million, and its series B and D rounds are $170 million and also $35 million, respectively.
Final Words:
With its influx of new funding, the company hopes to expand its delivery coverage and evolve its logistics technology. While it does not disclose its valuation, its network is positioned to power $2.5 billion GMV by the end of 2021. In the past, the company worked with Amazon and Walmart, but now it has expanded its partnership with other large retailers.
Deliverr also has investors such as Activant Capital, 8VC, and Brookfield Technology Partners. In total, the company has raised $240 million in less than four years. And, with the recent funding round, it’s now valued at over $2 billion.
