BrightDrop just announced that it is currently poised to reach $1 billion in revenue by 2023, a feat that would make it one of the fastest companies ever to reach the milestone. In addition to announcing that it will reach $1 billion in revenue next year, BrightDrop also confirmed that it expects to generate $10 billion in revenue and reach 20-percent profit margins by 2030.
View this post on Instagram
BrightDrop launched in 2021 to provide last-mile electric delivery solutions, software, and other services to delivery and logistics companies. BrightDrop products include the Trace eCart, Zevo 600 all-electric delivery van, and BrightDrop Core software suite.
The first BrightDrop product to market was the EP1 (later renamed as BrightDrop Trace), an electrically assisted pallet designed to quickly and easily move goods over a short distance and reduce physical strain on delivery drivers. The EP1 incorporates electric hub motors and offers adjustable speeds up to 3 mph, while also offering enough onboard cargo capacity to hold upwards of 23 cubic-feet of goods. Payload capacity is 200 pounds.
BrightDrop is also offering the Zevo 600, an all-electric delivery van previously known as the EV600. Specs for the Zevo 600 include upwards of 250 miles per charge and a peak charging rate of 170 miles per hour when plugged into a 120kW DC fast-charge source. The cargo area can hold over 600 cubic-feet of goods, while a variety of safety tech features are included as standard, including Automatic Emergency Braking, Front Pedestrian Braking, and Lane Keep Assist, among others. The first units of the Zevo 600 are now in service in California.
In addition to announcing that it will reach $1 billion in revenue by 2023, BrightDrop also announced BrightDrop Core, a subscription-based software platform designed to help customers optimize their business through improved visibility, insights, and control, confirming an earlier GM Authority exclusive published this month. BrightDrop Core also incorporates data generated by Zevo and Trace products.
“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 BrightDrop president and CEO, Travis Katz. “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.”