The investment employed to ramp up Onfleet’s team and product offerings to meet rising customer demand.
FREMONT, CA: Onfleet, one of the rapidly-growing providers of last-mile delivery management software firm, announced that it had raised $14 million in Series A funding to meet heaving customer demand. The round was directed by Kennet Partners and will permit Onfleet to continue expanding its product offerings and global footprint.
The funding round took place on the heels of enormous momentum for Onfleet, which has sustained productivity for several years and has experienced triple-digit revenue growth time after time. The business added hundreds of new clients in 2020 and has doubled its annual delivery volume as COVID-19 has quickly accelerated retail’s transition to online, delivery-centric models. The enterprise has powered over 80 million deliveries in more than 90 states for thousands of customers, including Sweetgreen, Kroger, Drizly, Alto Pharmacy, Imperfect Foods, and Gap. The investment round was oversubscribed and brought Onfleet’s total funding to $20 million since its commencement.
“We are living in a time of never-before-seen global economic uncertainty, which has turned the need for fast, reliable delivery services from a luxury to a basic necessity,” said Khaled Naim, Co-Founder, and CEO, Onfleet. “In a few short months, the importance of our work has become even more pronounced and we are doing everything that we can to help our clients quickly and efficiently deliver goods to their customers. We’re excited to partner with Kennet so we can double-down on our commitment to help companies adapt, evolve and scale in this challenging environment,” Naim added.
Onfleet’s automatic routing and dispatch platform allow real-time communications and proactive delivery management. Therefore, guaranteeing seamlessly, fast executed deliveries, taking the hassle out of the delivery process, and safeguarding elated and loyal delivery recipients. Any sector that needs last-mile delivery, from pharmacies, grocery stores, and restaurants to retailers, beverage companies, e-commerce businesses, can leverage Onfleet to influence more competent deliveries to save valuable time, resources, and money. The platform can scale with any organization’s delivery operations, assuring enterprises of all sizes that the solution will grow with them as their operations expand.
“Online delivery is a long-term growth industry, and the COVID-19 pandemic has only accelerated its explosive adoption. In order to compete, brands will need to extend their customer relationship and service experience to the doorstep, which creates a large market need that Onfleet is well-positioned to solve,” said Javier Rojas, Managing Director at Kennet Partners. “Onfleet’s proficiency in building such a capital-efficient, product-led sales growth model, all while being self-funded, is no small feat. With this additional funding, we are confident Onfleet will continue to expand and scale rapidly to become a market-leading company.”