- Curri announces to have closed a $6 million funding round.
- The company will use the funding amount for the expansion of the services.
- It is also planning to enlarge its market reach.
- Curri plans to provide live updates where the customers can follow, and share the status of the delivery process.
Introduction:
Curri is a Y Combinator-backed logistics startup that delivers construction supplies and materials. The company announced the closing of a $6 million funding round. The funds will be used to expand its services along with its market reach. Last-mile delivery logistics happen to be the most expensive and time-consuming part of the shipping process. Last-mile accounts for about 53 % of total shipping cost and 41% of total supply chain cost. With the rise and growth of e-commerce in the United States, the retail providers are heavily focusing on fulfillment and distribution at the lowest possible cost.
Specifically, in the construction industry, the pandemic has continued to disrupt wholesalers which have highlighted the requirement for flexible and reliable delivery.
The purpose behind the startup, Curri:
Curri provides live updates through the app to enable the customers who can follow and share the status of the deliveries. It also offers proof of delivery signature and pictures to track, regulate and comply with the purpose.
Curri competes with a huge number of startups in the last mile delivery market which will reach $66 billion by the time it is 2026. The list of the companies includes Bond, Bringg, Onfleet, Dispatch track, and Deliverr. But Curri claims that its secret sauce is something that co-founder and CEO Matthew Lafferty calls an “elastic scale”.
The concept of “elastic scale” – The explanation:
The “elastic scale” happens to be a concept where customers pay only for their requirements. Traditional fleets can underutilize trucks or idle drivers while they continue to wait for the orders to be received. Curri says it delivers the loads faster, thankful to a deep layer of predictive machine learning.
According to Lafferty, thousands of customers use Curri to deliver shipments throughout the U.S. “Suppliers who don’t have the ability 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,” he said in a press release. “Fleet augmentation is the secret weapon of suppliers who care about getting material in their customer’s hands, fast.”
The funding round details:
Los Angeles California-based companies series A funding today announced that it was led by Brick and Mortar Ventures and it also included participation from existing investors called Initialised Capital in addition to a new investor called Rainfall Ventures. It has brought 4-year-old Curri’s total raised to date to about $7 million, followed by a $150000 seed round which was conducted in August 2019.
