US VC powerhouse Tiger Global has once again backed logistics technology platform Shippit in a $65 million (US$48m) in an extension of its Series B round dubbed B2
Tiger also led Shippit’s $30 million Series B in December 2020. Another existing backer, Tidal Ventures, co-led this round with new investors including Leigh Jasper’s secondary fund, SecondQuarter, and Siteminder co-founder and chairman Mike Ford also chipping in. The raise sees the company’s valuation treble to $300 million since the 2020 round.
The cash is for customer acquisition, product development and expansion across APAC. Shippit’s focus on sustainability has seen it target the goal of 200 million shipments without waste by 2025, a five-fold increase on the 40 million deliveries in 2021.
It’s client list includes Target, Myer, Cotton On and BIG W. In March Shippit announced a partnership with Uber, to make same-hour delivery, as well as the acquisition of leading Australian last mile technology platform, Premonition.
Shippit’s Co-CEO, Will On said all the investors in 2020’s Series B followed on for the latest round
“After a record-breaking period for eCommerce and for Shippit, we’re ready to power the future on a global scale by bringing carriers, retailers and customers together in the leanest way possible to reduce waste and inefficiencies across the supply chain.,” he said.
“Bringing in strategic capital in the form of SecondQuarter and Perennial is a huge boon for Shippit, and by extension the industry.”
On said they raise enables them to cement their position as the industry-leader in Australia and scale in South-East Asia.
“We’ve rapidly expanded in Singapore and Malaysia which now accounts for 10% of total bookings on platform. South-East Asia is the fastest growing eCommerce market in the world, and with a population twice the size of North America, it has limitless potential,” he said.
“We will rapidly expand our team in the region to help solve the same problems and drive the same results that we have for carriers, retailers and consumers in Australia.”
Tidal Ventures Managing Partner Grant McCarthy: “We have huge conviction for the opportunity ahead both in Australia and South-East Asia. This funding will secure a substantial roadmap to deliver increasing value to merchants, the carrier network and recipients alike and continue to raise the bar on the logistics industry.”