Veho Tech

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Veho Technologies
Company typePrivate
IndustryLogistics
Founded2016; 8 years ago (2016) Denver, Colorado
FoundersItamar Zur
Fred Cook
Headquarters
New York
,
U.S.
Websitewww.shipveho.com

Veho Technologies is an American logistics service company based in New York, U.S, providing last-mile delivery and return services.[1][2] The company was founded in 2016, launching a mobile app matching gig-economy drivers with package deliveries in their local areas.[3][4] The company's name "Veho" comes from Latin, meaning "to carry."

History[edit]

Veho was founded by Itamar Zur in Boston, Massachusetts, where Zur was a student at Harvard Business School,[5][6][7][8] The concept of Veho originated from Zur's experience with a meal delivery subscription service, that never delivered him a package he ordered.[9] Zur then moved to Colorado in 2018, where Fred Cook joined as co-founder and chief technology officer.[10][11]

Veho launched as an app enabling anyone with a vehicle to deliver packages, with a pilot program that delivered over 10,000 packages in Boston.[5][12]

In 2017, while Zur was still at Harvard, Veho won the prize in the Harvard Business School's annual New Venture Competition.[13][12][2]

In 2019, Veho graduated from the Techstars' Boulder accelerator program and received an investment of $1 million in the same year.[7]

By 2021, Veho had added operations in Atlanta, Central Maryland, Milwaukee, Northern Virginia, and Philadelphia, while further expanding in Texas (adding Austin, San Antonio, and Houston) and Colorado (Fort Collins and Colorado Springs).[14][15][16][17]

In 2022, Veho acquired QuikReturn, a reverse logistics company that was active in New York City and the surrounding areas.[18]

Products and services[edit]

Veho's provides last-mile delivery and returns services for e-commerce companies.[19][20] It employs independent workers for package delivery.[8] Independent driver operators use the Veho app to select delivery routes and their pay. Drivers use their personal vehicles to fulfill next-day delivery deadlines.[1][21] Using the company's mobile app, drivers scan and pick up packages at warehouses and then receive specific instructions for each stop, photographing the delivered packages.[1][2] Package recipients can modify their delivery address, or contact the driver with specific instructions.[6][7]

Multiple publications have described Veho as an Uber like service.[15][21] Its services have been used by multiple companies, including HelloFresh, Misfits Market, and thredUP.[22]

Operations[edit]

Veho now operates in 42 metropolitan areas,[23] spanning the Northeast, Mid-Atlantic, Southeast, Midwest, Southwest, and Mountain West regions of the United States. It currently provides last-mile delivery, regional sorting, or doorstep pickups services in Atlanta; Austin; Baltimore; Boston; Charlotte, North Carolina; Chicago; Cincinnati; Colorado Springs; Dallas; Denver; Fort Collins; Houston; Indianapolis; Jacksonville; Lakeland; Las Vegas; Miami; Milwaukee; Nashville; New York; Newark; Northern Virginia; Oklahoma City; Orlando; Philadelphia; Phoenix; Raleigh, North Carolina; San Antonio; South Florida; St. Louis; Tampa; Tulsa; and Waco.[24][25]

Financing[edit]

In December 2021, Veho became a unicorn after $125 million funding in Series A round of fundraising led by General Catalyst valued the company at $1 billion.[9][26][27] Two months later, in February 2022, received an additional Series B funding round of $170 million led by Tiger Global and the SoftBank Vision Fund 2, increasing the company's valuation to over $1.5 billion.[28][29]

References[edit]

  1. ^ a b c Black, Thomas (July 21, 2021). "Startup Couriers Snatch Toehold in Biggest Shake-Up of FedEx Era". Bloomberg.
  2. ^ a b c Yasmin, Mehnaz (February 15, 2022). "Logistics tech startup Veho valued at $1.5 billion in Tiger Global-led fundraise". Reuters.
  3. ^ "Veho Tech profile". Bloomberg.
  4. ^ Gehan, Ann (17 May 2023). "SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver". The Information.
  5. ^ a b Xie, Nathan (May 4, 2017). "Harvard-Based Tech Startup Veho Merges Uber with UPS - The Heights". The Heights.
  6. ^ a b "Logistics Tech Unicorn Veho Raises $170M Series B at $1.5B+ Valuation".
  7. ^ a b c Greenhalgh, Nick (16 February 2022). "Weeks after unicorn-minting Series A, delivery startup back with $170M fundraise". Denver Business Journal.
  8. ^ a b Mims, Christopher (February 12, 2022). "The Technology That's Helping Companies Thrive Amid the Supply-Chain Chaos". Wall Street Journal.
  9. ^ a b Hall, Christine (December 21, 2021). "Next-day package delivery startup Veho valued at $1B following $125M Series A". TechCrunch.
  10. ^ Straight, Brian (March 17, 2022). "Next-day delivery unicorn Veho acquires e-commerce return firm QuikReturn".
  11. ^ "About Veho".
  12. ^ a b Vaccaro, Adam (April 26, 2017). "Three startups take home $75,000 apiece in Harvard competition". Boston Globe.
  13. ^ Nakada, Madeleine R. (April 26, 2017). "Startups Pitch Ideas At Business School Venture Competition". The Harvard Crimson.
  14. ^ Rubbelke, Nathan (June 28, 2022). "Venture-backed e-commerce delivery startup Veho expands to St. Louis, opens local warehouse". St. Louis Business Journal.
  15. ^ a b Bojnansky, Erik (May 25, 2022). "E-commerce company Veho expanding, hiring in South Florida". South Florida Business Journal.
  16. ^ Bojnansky, Erik (May 26, 2022). "E-commerce company Veho expanding, hiring in Jacksonville, throughout state". Jacksonville Business Journal.
  17. ^ Bojnansky, Erik (May 25, 2022). "Logistics e-commerce company Veho to expand, hire workers in Orlando". Orlando Business Journal.
  18. ^ "Parcel delivery startup Veho taps new funding to acquire returns specialist".
  19. ^ Mathis, Karen Brune (May 9, 2022). "Veho shipping company opening e-commerce last-mile delivery station in Jacksonville". Jacksonville Daily Record.
  20. ^ Mathis, Karen Brune (May 25, 2022). "Veho says it will open last-mile service in Jacksonville by year-end". Jacksonville Daily Record.
  21. ^ a b Greenhalgh, Nick (24 September 2019). "Boulder's Veho Wants to be the Uber for Package Delivery". Denver Business Journal.
  22. ^ Hall, Christine (February 15, 2022). "Another huge funding round gives Veho room to deliver". TechCrunch.
  23. ^ "Veho launches service in 11 northeast markets".
  24. ^ Bojnansky, Erik (25 May 2022). "E-commerce company Veho expanding, hiring in South Florida". South Florida Business Journal.
  25. ^ Puffer, Michael (6 June 2023). "Logistics provider Veho opens E. Hartford facility as part of Northeast expansion". Hartford Business Journal.
  26. ^ Chen, I-Chun (27 December 2021). "Veho reaches unicorn status". New York Business Journal.
  27. ^ Greenhalgh, Nick (21 December 2021). "Delivery technology startup raises $125M Series A to become unicorn". Denver Business Journal.
  28. ^ Hall, Christine (February 15, 2022). "Another huge funding round gives Veho room to deliver". TechCrunch.
  29. ^ "Logistics tech startup Veho valued at $1.5 bln in Tiger Global-led fundraise". Reuters. February 15, 2022 – via Reuters.
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