Australian ecommerce and logistics technology company Shippit has raised an $30 million Series B equity round led by US-based technology investment firm Tiger Global.
Shippit provides fulfilment technology to thousands of leading retailers including Sephora, Big W, Target, and Temple & Webster.
Shippit currently handles 5 million deliveries a month in Australia alone and is growing significantly both in Australia and in South-East Asia.
Tiger Global partner John Curtius said the fund was impressed with the business fundamentals and rapid growth that Shippit had demonstrated.
“Shippit has some of the best metrics we have seen for a company raising at this stage,” John said.
Funds raised will support the company’s expansion in the South-East Asia region, product and technology enhancements by a growing team of engineers in their Sydney development hub, and key hires who will drive growth and profitability during this expansion.
“They are incredibly capital efficient, they serve an enormous and growing addressable market, they have a great product-market fit with category-leading partnerships and they are profitable,” John said.
“Their service is indispensable to retailers and we are proud to be backing the next stage of their growth journey.”
The round follows strong performance for the company throughout 2020 as the global ecommerce market surged more than 50 percent, and more than 80 percent in the Asia-Pacific region. It builds on AU$11m raised to date since 2017.
Founding CEO William On said that the raise would allow Shippit to continue the rapid growth that had occurred during 2020.
“Ecommerce is how retail survives, revives and thrives,” he said.
“Scalable logistics is one of the fundamental enablers for ecommerce in the APAC region and this capital raise will enable us to advance our core business of providing the technology retailers need to grow.”