E-commerce logistics startup Shippit raises US$22m for SEA expansion
Australian e-commerce and logistics company Shippit has raised US$22 million in a Series B funding round led by Tiger Global.
The funds raised will be used for its expansion in Southeast Asia, together with product development by the local engineer team and key hires.
John Curtius, Tiger Global partner, said the fund was impressed with the business fundamentals and rapid growth of Shippit. The company has recorded a strong performance this year due to the dominance of the global e-commerce market, especially in the Asia-Pacific region.
“Shippit has some of the best metrics we have seen for a company raising at this stage,” said Curtius. “They are incredibly capital efficient. They serve an enormous and growing addressable market and have a great product-market fit with category-leading partnerships.”
Tye logistics company provides fulfilment technology to thousands of retailers including Sephora, Big W, Target, and Temple & Webster. It currently handles 5 million deliveries monthly in Australia alone and is growing significantly both in Australia and Southeast Asia.
“E-commerce is how retail survives, revives and thrives,” said William On, founding CEO at Shippit. “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.”