Shippit has announced that it has raised $5.35 million in funding as a result in the growth of the service across Australia and an increased sales presence in Asia.
The software platform’s oversubscribed pre-series B round, attracted funding from Equity Venture Partners (EVP), Tidal Ventures and Aura Ventures and venture debt from OneVentures.
The money raised will allow Shippit to expand their growth in Australia and in Asia by investing in technology and engineering.
This latest capital injection takes total funding in the company to over $10m.
The startup platform facilitates more than two million deliveries per month—an increase of more than 100% year on year.
“2019 has been a great but challenging year for Shippit, with the beginnings of our expansion into Asia, the rapid increase in customers, and the launch of our second major product, Shippit Returns. This funding will allow us to realise our vision faster, build out our product more completely, and ramp up our presence in a much bigger market,” Rob Hango-Zada, founder and joint-CEO of Shippit said.
“We’re very excited to be partnering with a powerful group of investors known for their experience in helping businesses like Shippit scale their operations.”
Shippit has also quadrupled its number of active senders on platform and increased staff by over 50% over the same period.
“We have watched the Shippit team execute well against their plan to connect the fragmented carrier market so merchants can deliver the best delivery experience at an optimal rate. Having backed Rob and Will since their Seed round, we are excited to be backing them again as they ready the business for the next phase of growth,” Grant McCarthy, Tidal Ventures Founding Partner, said.
Since the departure of local competitor Temando in online retail logistics, Shippit’s leadership has grown in the Australian tech landscape.
The business was ranked 22 on the Deloitte Tech Fast 50 this year and new customer additions include Cotton On, Accent Group and Kathmandu.
“The latest funding round will allow Shippit to continue to build its market-leading position, and the inclusion of venture debt into the funding mix will reduce dilution for the founders and investors. The high growth Australian eCommerce market and increasing consumer expectation of quick delivery of goods really play into the hands of Shippit,” Nick Gainsley, Principal at OneVentures, said.