Russian development bank VEB.RF invests in Deliver "cargo Uber"

By bne IntelliNews January 14, 2021

VEB Ventures, the subsidiary of Russian development bank VEB.RF (former VneshEkonomBank), has invested RUB500mn ($7mn) in the cargo flow digitisation start-up Deliver, Kommersant daily reported on January 13.

The financing provided by VEB.RF will be used to scale up Deliver's solutions, expanding the geography and launching new services for both clients and carriers.

Deliver provides b2b cargo flow management solutions, as a "cargo Uber" linking clients and carriers. It has over 59,000 companies connected to the platform, securing Full Truck Load (FTL) deliveries and using AI for planning the itinerary and scoring the drivers. 

Previously Deliver raised over $10mn of funds from the Russian Direct Investment Fund (RDIF), A&NN Investments of billionaire Alexander Mamuth, InVenture Partners, Amereus Group and UAE's Mubadala. 

VEB Ventures estimates that the Russian FTL market stood at RUB916bn ($12.4bn) in 2019 and will continue growing by 9% annually by 2023.

Analysts surveyed by Kommersant note that the truck carriers are very fragmented (the top ten players account for only 2% of total market revenues), thus seeing high potential for marketplace platform solutions such as Deliver.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  3. Russia’s war economy boosted by rising oil prices
    8 days ago
  4. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  5. Russia’s $13.4bn current account surplus in March second highest since 2007
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    24 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss