Crowd-sourced, last-mile parcel company Deliv has raised $40 million in financing and will use the funds to continue its expansion in local, same-day delivery, the company said Tuesday.
The investment round was led by Google Inc., Clayton Venture Partners, the venture capital arm of Enterprise Holdings, and an automotive manufacturer, Deliv said. Additional financing came from existing Deliv investors, including UPS Inc., General Catalyst Partners, The Macerich Company, PivotNorth Capital, RPM Ventures, and Upfront Ventures.
Menlo Park, Calif.- based Deliv provides delivery service for retailers across 35 markets and 1,400 cities, and cites studies that the U.S. market for same-day delivery is expected to expand to $55 billion in gross merchandise volume (GMV) within the next five years. GMV is a calculationcommonly used by e-commerce businesses to measure total sales transacted through their platforms, although critics say the metric often exceeds final revenue because it does not account for returns or cancellations.
Deliv has been growing quickly, adding same-day e-commerce grocery delivery in 2017, and announcing $28 million in backing by UPS and other partners in 2016.