Tiger Global backs logistics startup Shippit in $65M Series B upgrade

US VC powerhouse Tiger Global has once again backed logistics technology platform Shippit for $65 million (US$48 million) in an extension of its Series B round called B2

Tiger also led Shippit’s $30 million Series B in December 2020. Another existing lender, Tidal Ventures, led this round along with new investors, including Leigh Jasper’s secondary fund, SecondQuarter, and Siteminder co-founder and chairman Mike Ford, who also contributed. sees the company’s valuation triple to $300 million since the 2020 round.

The money will be used for customer acquisition, product development and expansion within APAC. Shippit’s focus on sustainability has led to the goal of 200 million zero-waste shipments by 2025, a fivefold increase from the 40 million deliveries by 2021.

The customer list includes Target, Myer, Cotton On and BIG W. In March, Shippit announced a partnership with Uber to enable same-hour delivery, as well as the acquisition of Australia’s leading last-mile technology platform, Premonition.

Shippit Co-CEO Will On said all investors in 2020 Series B were following for the final round

“After a record-breaking period for e-commerce and for Shippit, we are poised to empower the future on a global scale by bringing carriers, retailers and customers together in the leanest way possible to reduce waste and supply chain inefficiencies.” he said.

“Raising strategic capital in the form of SecondQuarter and Perennial is a huge boon to Shippit, and by extension, the industry.”

On said increasing it allows them to strengthen their position as a market leader in Australia and scale in Southeast Asia.

“We have grown rapidly in Singapore and Malaysia, which now account for 10% of total bookings on the platform. Southeast Asia is the fastest growing e-commerce 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 solve the same problems and achieve the same results as for carriers, retailers and consumers in Australia.”

Tidal Ventures Managing Partner Grant McCarthy said: “We are very confident of the opportunities ahead in both Australia and South East Asia. This funding will provide a substantial roadmap to deliver ever greater value to merchants, the transportation network and recipients, and to continue raising the bar for the logistics industry.”

Shreya Christinahttps://businesstraverse.com
Shreya has been with businesstraverse.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesstraverse.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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