Onfleet, a five-year-old San Francisco startup providing last-mile delivery management software, announced Friday it has raised $14 million in Series A funding to meet surging customer demand.
The round, led by Kennet Partners, will allow Onfleet to continue broadening its product offerings and expanding its global footprint. This funding round comes on the heels of strong momentum for Onfleet, which has sustained profitability for several years and has experienced triple-digit revenue growth year-over-year.
The company added hundreds of new customers this year and has doubled its year-over-year overall delivery volume as Covid-19 has rapidly accelerated retail’s transition to online, delivery-centric models. Onfleet has powered more than 80 million deliveries in 90 countries for thousands of clients, including Gap, Kroger, Sweetgreen, Drizly, Imperfect Foods and Alto Pharmacy.
This investment round brings Onfleet’s total funding raised to $20 million.
“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,” Khaled Naim, co-founder and CEO of Onfleet, said. “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.”
Onfleet’s intuitive routing and dispatch platform enables real-time communications and proactive delivery management, guaranteeing fast, seamlessly executed deliveries. Onfleet can scale with a company’s delivery operations, giving businesses of all sizes the confidence 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,” Javier Rojas, managing director at Kennet Partners, said. “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.”
Onfleet connects businesses, dispatchers and recipients in real time to simplify the last mile experience, resulting in increased operational efficiencies and consistent cost savings for customers.
Kennet Partners is a Silicon Valley and London-based growth equity investor with $900 million under management. Kennet focuses on partnering with bootstrapped and fast-growing SaaS and tech-enabled services businesses with a focus on predictive analytics.