Home Breaking News US-based Point Pickup Raises US$ 30M from BBH Capital Partners

US-based Point Pickup Raises US$ 30M from BBH Capital Partners

Point Pickup Technologies

Mobile app delivery platform, Point Pickup Technologies raised US$ 30M in Series A funding on 8 October 2020 from BBH Capital Partners.

The participants in the funding round include private investors and CT Innovations, a venture capital group that supports innovation and startups in the state of Connecticut.

The funds raised will be utilized to innovate and enhance the company’s technology platform and highly specialized client services in order to meet the ever-increasing and diversifying demand. The company has experienced a growth rate of up to 6x in the last six months. Today, as every retailer is looking to transform itself into an online delivery business, Point Pickup Technologies is offering the only solution with scale.

About Pickup Point

Point Pickup Technologies

Founded in 2015 by Tom Fiorita, Point Pickup Technologies has successfully reinvented the final-mile delivery model for many of the US’s top eCommerce enterprises. It is a mobile app delivery platform solving on-demand, pre-scheduled, and recurring same-day delivery needs. It provides a multi-modal single platform for all same-day delivery solutions (middle and last-mile). The company serves a wide range of industries and company sizes, emphasizing on big-box retail, grocery, liquor/specialty, industrial, pharmaceutical, and manufacturing businesses.

The company’s data-driven platform saves time and money. It also maximizes performance by offering sophisticated matching criteria, optimized routing, selective drivers and an API that easily integrates with e-commerce systems.

“While our eCommerce clients were already feeling the competitive pressure to offer same-day, home delivery, the COVID-19 crisis has forced them to accelerate their plans. We’ve quickly responded with our tailored solutions to onboard each new enterprise within a few weeks. Once implemented, our platform and driver networks are designed to easily scale to new product and geographical markets.” said Point Pickup’s CEO, Tom Fiorita.

Point Pickup’s solutions address the needs of the eCommerce ecosystem. The enterprises, drivers and consumers are greatly benefitted from higher levels of predictability and reliability that was previously lacking in the final-mile delivery market.

What Investors have to say

“Point Pickup’s unique market position and impressive growth are exactly what we look for in a company. Point Pickup is well-positioned to take advantage of the significant uptick we’re seeing in the final-mile delivery market,” said Jeffrey Price, Sr. Vice President of Brown Brothers Harriman & Co. and Co-Manager of CP Opportunities Fund.

“Given our increasing customer demand for store-to-home delivery and the recent spike due to COVID-19, we needed a partner that could instantly meet the challenges of the grocery marketplace. Point Pickup’s ability to quickly scale our delivery operations across multiple states, including difficult to serve secondary markets, has been critical to our business,” said Valery Clarimboli, Vice President, eCommerce Operations, Giant Eagle.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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