NEW YORK / LONDON (IT BOLTWISE) – Startup Veho has raised $125 million in a Series A funding round at a $1 billion valuation. With this investment, the company plans to expand its presence in the US from 14 to 50 markets and further develop its technology to improve the customer experience.
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American startup Veho recently raised an impressive $125 million in a Series A funding round, giving the company a valuation of $1 billion. This funding round was led by General Catalyst, with other investors including Construct Capital, Bling Capital, Industry Ventures, Fontinalis Partners and Origin Ventures also participating. Veho plans to use these funds to significantly expand its presence in the US and improve its technological capabilities.
Veho specializes in next-day parcel delivery, offering e-commerce businesses a fast, technology-focused and customer-friendly delivery option. The company stands out from traditional logistics companies through its advanced proprietary technology and collaboration with qualified, crowdsourced drivers. Veho CEO and co-founder Itamar Zur emphasizes that the company puts the customer experience at its core and, through its technology, avoids many of the traditional pitfalls in logistics.
A notable aspect of Veho is its impressive 99.9% average on-time delivery rate for next day deliveries. This performance has not only increased the satisfaction of parcel recipients, but also strengthened trust between consumers and e-commerce companies. Veho works with major brands in clothing, accessories, food and packaged goods. These partnerships have resulted in a 20% increase in customer repeat purchases and a 40% increase in customer lifetime value.
The importance of the last mile in e-commerce logistics continues to grow, and Veho brings much-needed innovation to an area that has struggled with increasing demand for years. Kyle Doherty, Managing Director at General Catalyst, emphasizes that Veho offers a superior consumption experience, making an important contribution to the advancement of the logistics industry. With plans to expand into 50 U.S. markets by the end of 2022 and launch a doorstep returns program, Veho is on track to significantly expand its market presence.
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