CHICAGO, June 13, 2017 /PRNewswire/ -- ShipBob, a technology company that streamlines fulfillment for e-commerce businesses, today announced $17.5 million in new funding to fuel growth and expand its software platform. The Series B financing was led by Bain Capital Ventures with additional participation from existing investors Hyde Park Venture Partners, FundersClub, Hyde Park Angels and FJ Labs LLC.
ShipBob powers logistics and fulfillment for thousands of e-commerce businesses, providing them with in-house shipping and advanced technology for Amazon-scale logistics. ShipBob utilizes proprietary software that helps its customers better predict trends, shopping habits and geographic insights across multiple industries and selling channels. The software powers ShipBob's multiple fulfillment centers across the country – Chicago, Los Angeles, New York and now San Francisco – to provide same-day fulfillment and ground service for package delivery in 1-2 business days. ShipBob has shipped more than two million packages to date, and is growing the business 500 percent year over year.
"The investment from Bain Capital Ventures gives us the ability to scale faster and serve the needs of this rapidly growing e-commerce market," said Dhruv Saxena, co-founder and CEO of ShipBob. "We are raising the bar for what best-in-class service means in the shipping and logistics space. We will continue to innovate and expand to serve e-commerce businesses across the country."
Founded in 2014, ShipBob was launched through Y Combinator by Saxena and co-founder Divey Gulati, two entrepreneurs who saw a need for more efficient shipping in the marketplace. ShipBob's solution focuses on the unique needs of direct-to-consumer retail brands and their need to manage inventory and ship orders safely and quickly.
"ShipBob has quickly developed a leadership position in the e-commerce market, offering a unique software-and-services platform that meets the need for fast fulfillment," said Ajay Agarwal, managing director of Bain Capital Ventures. "What Dhruv, Divey and team have developed over the last three years is impressive, and we're excited to help them grow ShipBob into a shipping and logistics powerhouse."
Bain Capital Ventures has in-depth experience working with entrepreneurs to support the supply chain ecosystem. The firm was an early investor in Kiva Systems, which automated e-commerce distribution centers through a combination of autonomous robots, mobile shelving, and software. Kiva was acquired by Amazon.com in 2012 for $775 million. Agarwal, who led Bain's Kiva investment, will be joining the ShipBob board of directors.
Based in Chicago, ShipBob is a privately held technology company that offers simple, fast and affordable fulfillment for e-commerce businesses. As an end-to-end fulfillment solution, we provide warehousing for customers and package delivery in 1-2 business days. Our software combines order and inventory management, customer communication, predictive data and insights, as well as optimized shipping for e-commerce companies. ShipBob has partnerships with online e-commerce platforms such as eBay, Shopify, Amazon and many more that fully integrate into ShipBob's online software. With recognition as a one-stop shop for direct-to-consumer fulfillment. Learn more by visiting shipbob.com.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize 200-plus companies since 2000, including investments in DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo and TellApart. Bain Capital Ventures has approximately $3.6 billion of assets under management with offices in San Francisco, New York and Boston. Follow the firm via LinkedIn or Twitter.
CONTACT: Crystal Jones, Director of Marketing, ShipBob, firstname.lastname@example.org, 410-802-8400
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