Australian e-commerce and logistics technology startup Shippit has raised an AU$30m Series B equity round led by US-based technology investment firm Tiger Global alongside local representative Jason Lenga.
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,” Mr Curtius said.
“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.
“Their service is indispensable to retailers and we are proud to be backing the next stage of their growth journey.”
Shippit provides fulfilment technology to thousands of leading retailers including Sephora, Big W, Target, and Temple & Webster.
The company has set out to improve order fulfilment, drive increased sales conversion and enhance customer experience, by allowing retailers to choose who delivers their order and how it is delivered. Currently handling 5 million deliveries a month, Shippit is growing significantly in both Australia and South East Asia.
The round follows strong performance for the company throughout 2020 as the global ecommerce market surged more than 50 per cent, and more than 80 per cent in the Asia-Pacific region. It builds on AU$11m raised to date since 2017.
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.
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,” Mr On said.
“Scalable logistics is one of the fundamental enablers for e-commerce in the APAC region and this capital raise will enable us to advance our core business of providing the technology retailers need to grow.”