- 30 June 2021
- Transport / Logistics Services
US based cloud logistics platform ShipBob has announced it has had $200m in Series E funding to help it expand its reach to more small and medium businesses. This values the company at more than $1 billion, doubling since its Series D round in late 2020.
The ShipBob platform is designed to help small and medium sized businesses compete by offering world-class fulfilment capabilities. It integrates with all major e-commerce platforms and marketplaces such as Shopify, WooCommerce, Amazon and Walmart, allowing its clients to offer fast and affordable shipping to their customers without having to handle fulfilment themselves. It also offers returns management, inventory management and other tools.
The new capital is to expand the company even further after its profitable financial year in 2020. It will also expand the software platform, scale their global fulfilment network and bolster its omnichannel commerce capabilities. Led by existing investors Bain Capital Ventures, the Series E round was entirely from previous investors that included SoftBank, Hyde Park Venture Partners and Silicon Valley Bank.
“Seven years ago, we found it was difficult as a small—but growing—ecommerce business owner for us to provide our customers with a delightful shipping experience. ShipBob was founded and built to solve that challenge,” said Dhruv Saxena, CEO and co-founder of ShipBob. “We are extremely proud that more than 5,000 businesses use ShipBob for all of their ecommerce fulfillment needs today, and look forward to continuing that mission as shifts to digital continue to accelerate across our customers’ industries. As we increase our international reach, omnichannel partnerships and B2B capabilities, it still feels like day one for us.”
“The fastest growing ecommerce brands recognize that world-class fulfillment increases revenue and builds customer loyalty,” said Ajay Agarwal, Partner at Bain Capital Ventures and a member of ShipBob’s board of directors since June 2017. “These leading brands are partnering with ShipBob as the one-stop cloud logistics platform to manage and deliver their merchandise to customers around the world. ShipBob’s torrid growth rate and impeccable levels of customer success motivated us to double down and lead this round.”
“All of the facilities in the ShipBob network look the same, operate the same way and leverage the same world-class, cloud-based technology, which makes our merchant experience very consistent even as inventory is distributed across the globe,” said Divey Gulati, President and co-founder of ShipBob. “With the additional investment from Bain Capital Ventures and our Series E, we can continue to make strategic, long-term investments in our product and technology to help make ecommerce businesses more successful.”