February 26, 2016 1:00 PM, EST
UPS Invests in Same-Day Delivery Firm
TT File Photo
UPS Inc. said that it is joining other investors in providing $28 million in funding for Deliv, a start-up company in Menlo Park, California, that offers same-day delivery of merchandise purchased by consumers from major retailers and shopping malls.

Alan Gershenhorn, executive vice president and chief commercial officer for UPS, said the company will use the investment to gain insights into the market for same-day delivery.

“We are thrilled with this strong vote of confidence from the UPS Strategic Enterprise Fund and our existing investors,” Daphne Carmeli, founder and CEO of Deliv, said in a statement on Feb. 24. “This round of investment will allow us to rapidly scale and further advance our position in the fast-growing, multibillion-dollar same-day delivery market.”

Deliv uses a network of freelance drivers to deliver goods for more than 4,000 merchants, including Macy’s, Best Buy, Kohl’s and Walgreens. It operates in 17 markets and more than 100 cities.

Other investors in Deliv include Upfront Ventures, RPM Ventures and PivotNorth Capital as well as mall operators General Growth Properties, The Macerich Co., Simon Venture Group, Taubman Centers and Westfield Corp.