Australian logistics technology platform, Shippit has completed a $65 million Series B2 capital raise to power the company’s growth as it expands globally. The funding round was co-led by Tiger Global and Tidal Ventures, with new investors SecondQuarter, Perennial and chairman/co-founder of Siteminder, Mike Ford, also joining the cap table.
Funds will support Shippit’s focus on customer acquisition, product development and expansion across Asia Pacific, as well as 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 ecommerce industry. A key use of the funds will go toward continued execution of Shippit’s mission to reduce waste with a strong focus on vertical integration across the logistics technology stack.
“After a record-breaking period for ecommerce 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,” Shippit co-CEO, Will On said.
“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.
“We’re excited to double-down on our commitment to powering a more sustainable ecommerce industry on a global scale. This raise will enable us to cement our position as the industry-leader in Australia and scale in South-East Asia. 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.”