Logistics platform Shippit has completed a $65m series B2 capital raise to help power the company's growth as it expands overseas.
The funding was lead by Tiger Global and Tidal Ventures, new investors included SecondQuarter, Perennial and chairman and co-founder of Siteminder, Mike Ford.
The capital raise will support the logistics company’s continued focus on customer acquisition, product development and expansion across APAC, and power its ambition to deliver 200 million shipments without waste by 2025.
Shippit’s without waste focus has shaped how it works with retailers and carriers to create a more sustainable e-commerce industry. A key use of the funds will go toward continued execution of Shippit’s mission to reduce waste — like its recent acquisition of Premonition — with a strong focus on vertical integration across the logistics technology stack.
Shippit powered over 40 million deliveries in 2021 — a 300 percent increase on pre-pandemic levels — for customers including Target, Myer, Cotton On and BIG W. In November the company appointed David Gordon, an experienced retail industry leader, as the Chairman of the Board. Shippit has also bolstered its executive leadership with recent appointments from industry-leaders like Xero, eBay, Afterpay and Atlassian.
In March Shippit announced a significant partnership with Uber, to make same-hour delivery available to thousands of Australian retailers and millions of consumers, as well as the acquisition of leading Australian last mile technology platform, Premonition. The raise builds on an AU$30m (US$22m) Series B equity round in December 2020.
Will On, co-CEO at Shippit said, “After a record-breaking period for e-commerce and for Shippit, we’re ready to power the future on a global scale by bringing carriers, retailers and customers together in the leanest way possible to reduce waste and inefficiencies across the supply chain. In our evolving industry, standing still means moving backwards. This raise allows us to move forward, ushering in the future our industry deserves.
“Bringing in strategic capital in the form of SecondQuarter and Perennial is a huge boon for Shippit, and by extension the industry. All investors from our Series B round followed on this round, which is an incredibly strong vote of confidence in the business; our momentum, our team, our customers and our vision for the future.
On said this raise will enable the company to cement its position as the industry-leader in Australia and scale in South-East Asia.
“We’ve rapidly expanded in Singapore and Malaysia which now accounts for 10 percent of total bookings on platform. South-East Asia is the fastest growing e-commerce market in the world, and with a population twice the size of North America, it has limitless potential. We will rapidly expand our team in the region to help solve the same problems and drive the same results that we have for carriers, retailers and consumers in Australia.”
Collectively, Shippit’s investors provide a wealth of experience and expertise across industry, technology, international expansion and the South-East Asian markets.
Tiger Global brings international renown and through its relationship with Bain have been instrumental in Shippit’s growth strategy over the last 12 months. Through Wendell Keuneman, general partner at Tidal Ventures, a former founder and product leader at Atlassian, Tidal provides extensive operational experience in product, go to market, and growth on Shippit’s board.