Benzinga | Jun 16, 2021 08:37AM EDT

Ituran's Bringg Completes $100M Series-E Investment Round

Ituran Location and Control Ltd. (NASDAQ:ITRN), today announced that its successful early-stage mobility technology holding, Bringg, completed a series-E investment round of $100 million. Following the round, Ituran's undiluted holdings are 17.2%.

The round is being led by Insight Capital, a new investor, and included participation from several of its existing investors. The funding will be used to meet the increasing global customer and market demand by quickly scaling Bringg's platform through M&A and by growing its ecosystem of strategic and technology partners.

The investment sets Bringg's valuation at $1 billion, making it the first and only unicorn in last-mile delivery and fulfillment cloud technology.