PALO ALTO, Calif. – BrightDrop shared today with investors that it is on track to reach $1 billion in revenue in 2023, making it one of the fastest companies to ever hit that milestone. The company also confirmed that it is set to generate up to $10 billion in revenue and reach 20% profit margins by the end of the decade.
BrightDrop launched in 2021 with a suite of products targeting last mile delivery and fulfillment, including the BrightDrop Zevo lineup of electric delivery vans, the BrightDrop Trace eCart, and the BrightDrop Core software suite.
The revenue news comes ahead of the company’s two year anniversary and just 11 months after breaking the record for the fastest vehicle to market in GM’s history. Some of the most notable tech and consumer brands took over five years to reach the $1 billion milestone, however BrightDrop will be joining the billion-dollar league in less than three years — demonstrating the company’s strategy, vision, tech expertise and commitment to the market.
BrightDrop has received over 25,000 reservations and letters of intent from some of the world’s largest companies including Walmart, Hertz, FedEx and Verizon — and already has vehicles on the road making deliveries today. In September, the company unveiled Trace Grocery, an eCart designed to improve online grocery fulfillment, and announced Kroger as the first company slated to take delivery of the units.
Today the company also unveiled BrightDrop Core, a subscription-based software platform designed to help customers better optimize their business. The software combines data generated from the Zevo and Trace products to provide customers with better visibility, insight and control of their operations. BrightDrop Core will be available in early 2023 with an initial offering that includes a user portal, mobile productivity apps and digital driver experience focused on improving efficiencies for drivers in the field.
“We’re a tech startup with a subscription-based product offering that’s backed by a global powerhouse — this puts us in a league of our own,” said Travis Katz, BrightDrop president and CEO. “As we focus not only on electric vans, but also eCarts and software, we’re confident that our full ecosystem of connected products and services will drive significant revenue and growth for years to come. Between delivery and our recent expansion into the online grocery sector, we can capture substantial market share across multiple industries.”
