Business
Ituran's Mobility Investment Bringg Completes $100 Million Series-E Investment Round
Ituran Holds 17.2% of Bringg Valued at $1 Billion in Current Round AZOUR, Israel, June 16, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ:
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Ituran Holds 17.2% of Bringg Valued at $1 Billion in Current Round\n\n\nAZOUR, Israel, June 16, 2021 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced that its successful early-stage mobility technology holding, Bringg, completed a series-E investment round of $100 million. Following the round, Ituran's undiluted holdings are 17.2%. \nThe round is being led by Insight Capital, a new investor, and included participation from several of its existing investors. The funding will be used to meet the increasing global customer and market demand by quickly scaling Bringg's platform through M&A and by growing its ecosystem of strategic and technology partners. \nThe investment sets Bringg's valuation at $1 billion, making it the first and only unicorn in last-mile delivery and fulfillment cloud technology.\nEyal Sheratzky, CEO of Ituran, commented, \"Bringg is a company that Ituran seeded in 2014 and even after this latest funding round, we remain the largest shareholder of the company. Ituran is constantly looking to invest and grow companies which are building disruptive mobility technologies with the potential to become future global leaders. Our investment in Bringg is a successful element of this strategy and Bringg has shown significant progress especially in the past year, with fast growing sales to top-tier global companies. We are pleased that our strategy has borne fruit and is demonstrating a strong value-add to Ituran and its shareholders.\" \nAbout Bringg\nBringg helps enterprises scale up and optimize their logistics operations with the leading data-led delivery and fulfillment cloud platform. Using Bringg, retailers and logistics providers can rapidly enable innovative delivery and fulfillment models that maximize the customer experience, optimize logistics operations and scale business channels for growth. Some of the world's best-known brands in more than 50 countries use Bringg's platform to deliver the perfect last mile experience at peak efficiency across multiple delivery models. https://www.bringg.com\nAbout Ituran\nIturan is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & con...