Home featured Ron Hango-Zada and William On, co-founders of Shippit Featured Funding | Investment Startup Featured Shippit’s co-CEO reveals why his start-up turned down $2.8 million from interested investors James Harkness May 16, 2017 Sydney-based logistics start-up Shippit has declined the opportunity to close a $5m Series A funding round, instead settling for a more modest $2.2 million from a line-up of new investors. Co-founders Rob Hango-Zada and William On originally sought to raise $3 million for the shipping management platform they launched to market in February 2015. The purpose of the raise was to obtain capital to invest in strategic hires for their product engineering team as well as the start-up’s expansion into the wider Asia Pacific region within the next 12 months. The company currently services more than 750 merchants across Australia, including Sephora, Topshop, Thankyou and Pet Circle, with 250,000 parcels delivered via its platform each month While the round was oversubscribed by $2 million, Hango-Zada and On, who share the company’s CEO role, made the decision to turn down $2.8 million in funding from interested investors, owing to growth experienced by Shippit during the round, which was round led by prominent APAC venture fund Aura Group. Additional capital was contributed by AddVenture Fund, RTL Group Investments and private investors. Hango-Zada spoke to Dynamic Business about the Shippit’s Series A funding round, including the ‘very hard’ albeit ‘fiscally responsible’ decision to revise their initial funding target. DB: What motivated Shippit to undertake its Series A round now?