Curri recently announced a $42 million Series B funding round led by Bessemer Venture Partners with participation from existing backers Initialized Capital, Brick & Mortar Ventures, Rainfall Ventures, and others.
Since January 2020, the company’s team has been modernizing the logistics industry by providing a seamless and efficient platform for businesses to manage their industrial supply chain. And by offering end-to-end logistics services and a nationwide elastic fleet, the company helped customers move over $1 billion worth of supplies across the United States last year. Enabling companies like Ferguson, Winsupply, Sherwin-Williams, Graybar, Johnstone Supply, and United Rentals to quickly and securely deliver complex loads ranging from heavy machinery to lighter loads like pipes, pallets, large appliances, and water heaters.
Over the last three years, the company rapidly grew to meet the overwhelming demand from its customers. And the company expanded its services to cover all types of delivery options including hot shots, dedicated services, and freight, powered by a national fleet of vehicles ranging from sedans to box trucks and flatbeds. Plus the company also delivered complete transparency and the fastest delivery options in the industry. During this time, the company started serving customers beyond its hometown of Los Angeles, growing its network nationwide with a presence in every major U.S. city.
The company’s customers save nearly a third on operational costs and convert 24% more sales by offering same-day delivery powered by Curri. And in the current economic climate, a distributor using an elastic fleet to manage seasonal fluctuations and unpredictable demand creates efficiencies that enable them to outcompete those burdened with fixed internal costs such as maintenance, insurance, and payroll.
Suppliers who are unable to make urgent, on-demand, or long-distance deliveries are leaving sales on the table and risk losing customers and business to suppliers who do. And fleet augmentation with Curri became the secret weapon of suppliers who care about getting material into their customers’ hands at a fast pace.
This investment will enable the company to continue delivering operational efficiencies to customers and achieve a vision of becoming the go-to platform for industrial supply chain management. The company plans to:
1.) Accelerate product innovation by continuing to enhance the platform with new features and functionalities that improve the user experience for customers and drivers.
2.) Improve operational efficiency by investing in processes and infrastructure to improve operational efficiency and reduce costs.
3.) Expand Sales and Marketing efforts, increasing the efforts for new customer acquisition.
KEY QUOTE:
“Building more responsive supply chains will require a shift to flexible fulfillment networks. Curri has built the leading elastic network for last-mile industrial deliveries, powered by enterprise-grade technology.”
— Mike Droesch, General Partner at Bessemer Venture Partners
