On June 19th, 2024, an Employee Plan Exemption Notice went into effect after being filed by Veho Tech, Inc., a Prime Unicorn Index component, back in February. The price per share offered to employees of $4.78 is a 50.2% decrease from the $9.60 per share offered in their previous filing back in 2022, indicating a decrease in the company’s internal valuation. Veho Tech could lose its status as a unicorn with a valuation of about $702 million, leading to the company being removed from the index.
Veho Tech is a logistics and tech company focused on last-mile delivery services for e-commerce businesses. The company aims to provide economic and efficient delivery services through technology and a network of gig economy drivers. Their end-to-end logistics tech is designed to optimize routes to ensure timely deliveries, with the company frequently offering same-day or next-day services. Veho also puts a priority on customer satisfaction by helping to facilitate scheduling, tracking, and returns for consumers. The company has partnered with major e-commerce retailers and become a significant player in the logistics industry since their founding in 2016.
Veho has raised $299.78 million in venture investments, with participation from Tiger Global, General Catalyst Partners, Bling Capital, Construct Capital, Origin Ventures, Industry Ventures, Softbank Vision Fund 2, and others. Their most recent Series A round raised $175 million in 2022, which valued the company at $1.7 billion.