The vertically integrated residential and office delivery platform Avo has revealed that it has so far raised $ 84 million in funding. The company’s most recent investment, a $ 45 million Series B funding round led by New York-based global private equity and venture capital firm Insight Partners, will be used to rapidly expand its trades in 10 major markets over the next 12 months. Existing investors Kleiner Perkins and JLL Spark also participated in Series B.
Avo’s goal is to deliver everything from groceries and alcohol to electronics and personal care items to millions of people every day. Its customizable amenity platform allows residential and business customers to get everyday items on the same day, with no minimum order amounts or delivery charges. The platform also excludes tips, as Avo has a full-time salaried team. In response to the COVID-19 pandemic, Avo is currently adding a major new market every month – a sharp increase in growth that has helped increase revenues by 1000% over the past two years.
âAt Avo, you can order a single lawyer, and that’s all you’ll pay – and our explosive growth is proof that our model resonates,â noted Dekel Valtzer, CEO and co-founder of the New York-based company. âOur belief is that people shouldn’t be surprised by last minute fees at the checkout. We are delighted that this new investment allows us to delight so many commercial and residential communities across the country.
âAvo’s platform doesn’t just challenge the conventional delivery service model,â said Jeff Horing, managing director and co-founder of Insight Partners. âIt also offers customers an innovative way to drive engagement and retention of their tenants and employees. At Insight, we’re excited to play a part in the company’s growth story and look forward to working together to help them become a category leader.
Since starting delivering baby products to parents at nurseries in Tel Aviv, Israel, Avo has expanded its offering and spread across Israel and the United States, where it serves thousands of communities. homes, businesses, hospitals and universities in New York, New Jersey. , Chicago and Houston. The company’s existing clients include many of the nation’s largest real estate developers and managers, including Related, Extell, Greystar, FirstService Residential, Tishman Speyer, Cushman & Wakefield and JLL, and it also partners with Fortune 1000 organizations. such as Facebook, KPMG. , Microsoft, Apple, AT&T, Booking.com and PwC. Residential and commercial customers can take advantage of solutions such as Avo’s personal delivery benefit, virtual pantry, and event and gift offerings.
The company is also now hiring for various roles within its team.
Other companies in this space that have recently raised significant funds include Philadelphia-based GoPuff, which managed to raise a staggering $ 1 billion, and New York-based Jokr, which received $ 170 million. dollars from technology investors.