- Avo, a vertically integrated residential and office delivery platform in the United States, announced it has raised more than $ 80 million in funding. These are the details.
Avo – a vertically integrated residential and office delivery platform based in New York City and Israel in the United States – has announced that it has raised more than $ 80 million in funding. And its most recent investment (a $ 45 million Series B round) led by global private equity and venture capital firm Insight Partners will be used to rapidly expand operations into 10 major markets over the next 12. month. Existing investors Kleiner Perkins and JLL Spark had also participated in Series B.
Avo’s mission is to deliver everything from groceries and alcohol to electronics and personal care items to millions of people every day. And the company’s customizable amenity platform allows residential and business customers to get everyday items on the same day without any minimum order sizes or incurring delivery charges of any kind. And the platform also excludes tip fees, as Avo has a full-time, salaried team. Avo is now adding a new major market every month – a dramatic increase in growth that has helped generate 1000% revenue over the past two years.
Launched in 2017, Avo began delivering baby products to parents at nurseries in Tel Aviv. And since then, the company has expanded its offerings and reach across Israel and the United States, where it serves thousands of residential communities, businesses, hospitals and universities in New York, New Jersey, Chicago. and Houston.
The company’s existing clients include many of the country’s most prominent real estate developers and managers, such as Related, Extell, Greystar, FirstService Residential, Tishman Speyer, Cushman & Wakefield and JLL. And Avo also partners with Fortune 1000 organizations like Facebook, KPMG, Microsoft, Apple, AT&T, Booking.com and PwC, which use Avo to increase employee engagement, satisfaction and retention.
“At Avo, you can order as little as one lawyer, and that’s all you’ll pay – and our explosive growth is proof that our model resonates. Our belief is that people shouldn’t be surprised by last minute fees at checkout. We are delighted that this new investment allows us to delight so many commercial and residential communities across the country.
– Dekel Valtzer, CEO and co-founder of Avo
“The Avo platform doesn’t just challenge the conventional delivery service model. It also offers customers an innovative way to boost engagement and retention of their tenants and employees. At Insight, we are excited to play a part in the company’s growth story and look forward to working together to help them become a category leader.
– Jeff Horing, Managing Director and Co-Founder of Insight Partners
“Avo’s amenity – toll-free same-day grocery delivery – has been a huge success with our residents,” Gaztambide said. “Our on-site staff love it too, as Avo delivers more sustainably, just one drop per day, which helps reduce the congestion of deliveries to our halls. “
– Mario Gaztambide, Senior Managing Director at LeFrak
“As global leaders in the real estate industry, we could not be more excited to invest in the growth of Avo. Our goal at JLL Spark is to fuel innovation in the proptech space, and Avo’s amenity offering is exactly the kind of innovation we’re looking for.
– Raj Singh, Managing Partner at JLL Spark
“Avo is a tremendous benefit for our employees. The combination of exceptional service, convenience and speed make it a major asset in saving employees’ time and cultivating a better work-life balance for our teams.
– Einat Baharav, Employee Experience Manager at KPMG Tel Aviv office
“Our lives are busier than ever and we all need help freeing up time to focus on what is important. This is exactly what Avo does by providing high-quality on-demand equipment and services, ranging from groceries and housekeeping to virtual events and corporate gifts, delivered to satisfied customers at home. at home and at work. The way we shop and interact with everyday services is fundamentally transformed by technology and this transformation has accelerated rapidly in recent years.
– Ilya Fushman, partner at Kleiner Perkins