Hive, a Berlin-based e-commerce logistics startup, announced that it has raised $34M (approx €29M) at a valuation of $157M (approx €134M) in a new round of funding.
The new round was led by existing investors Earlybird and Picus, along with the participation of new investor Tiger Global Management.
Based out of New York, Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries. The company aims to earn superior risk-adjusted returns for its investors over the long term.
With the new capital, Hive plans to expand geographically, starting with Paris in early 2022. The company is also building proprietary warehouse software to ensure fast and reliable fulfillment operations. To date, the company has raised a total funding of $44M (approx €38.3M).
Franz Purucker, co-founder of Hive, says, “With Hive, we are already the partner in all operational issues. We help other founders focus on their products instead of dealing with customs regulations and returns. The new capital gives us the opportunity to invest further in our software and build a pan-European offering for customers.”
Helps D2C manage operations on auto-pilot
Founded by Oskar Ziegler, Franz Purucker, and Leo von Kleist in July 2020, Hive provides software and operational services to help D2C brands manage operations from sourcing to delivery.
Ziegler previously built up the operations for Foodpanda in Hong Kong and then spent four years consulting market leaders from the entire logistics value-chain at McKinsey.
Driven by his experience in e-commerce logistics, he decided to start Hive to democratise high-quality and cost-efficient logistics for e-commerce brands using technology.
“We are grateful for the trust of our existing investors (Earlybird, Picus) and at the same time proud to know, besides Activant, also welcome Tiger Global as a large, international partner on our side. D2C brands and thus the need for scalable D2C processes are the future. Our investors see the growth of the market and our potential in it,” says Ziegler.
Hive’s platform enables real-time sync of inventory and order data enhances information for e-commerce brands with valuable insights.
Since its inception, the company’s revenue grew 10 times and processes around thousand packages per day. Currently, the company has more than 100 employees and plans to triple the business team by next year.