Jun 29, 2021, 07:00 ET
CHICAGO, June 29, 2021 /PRNewswire/ --ShipBob, a cloud-based logistics platform announced $200 million in funding, achieving unicorn status with their valuation more than doubling since their Series D round in September 2020. ShipBob is designed for small and medium-sized ecommerce businesses, providing them with world-class fulfillment capabilities. After growing profitably to close out 2020, the new capital will bring ShipBob's solution to more customers, expand their software platform, scale their global fulfillment network and bolster their omnichannel commerce capabilities.
The Series E financing was led by Bain Capital Ventures, who led ShipBob's Series B round in June 2017, with participation from prior investors including SoftBank, Menlo Ventures, Hyde Park Venture Partners, Hyde Park Angels and Silicon Valley Bank.
In September 2020, ShipBob raised $68 million in a Series D round led by SoftBank Vision Fund 2. Since then, ShipBob has more than doubled their fulfillment center network, growing from 10 to 24 facilities, including their first facilities in both the United Kingdom and Australia.
In addition, ShipBob has expanded their technology to open up how and where their customers can sell. ShipBob's app store now has over 40 integrations, including new 2021 partnerships like Walmart as their TwoDay delivery partner, Shopify Plus as their only certified global fulfillment partner and Pachama, which allows ShipBob customers to offset emissions and be carbon-neutral on all shipments.
"Seven years ago, we found it was difficult as a small—but growing—ecommerce business owner for us to provide our customers with a delightful shipping experience. ShipBob was founded and built to solve that challenge," said Dhruv Saxena, CEO and co-founder of ShipBob. "We are extremely proud that more than 5,000 businesses use ShipBob for all of their ecommerce fulfillment needs today, and look forward to continuing that mission as shifts to digital continue to accelerate across our customers' industries. As we increase our international reach, omnichannel partnerships and B2B capabilities, it still feels like day one for us."
"The fastest growing ecommerce brands recognize that world-class fulfillment increases revenue and builds customer loyalty," said Ajay Agarwal, Partner at Bain Capital Ventures and a member of ShipBob's board of directors since June 2017. "These leading brands are partnering with ShipBob as the one-stop cloud logistics platform to manage and deliver their merchandise to customers around the world. ShipBob's torrid growth rate and impeccable levels of customer success motivated us to double down and lead this round."
ShipBob integrates with all leading ecommerce platforms and marketplaces like Amazon, Walmart, Shopify, BigCommerce, WooCommerce, Wix, Square and Squarespace, enabling ecommerce merchants to provide fast and affordable shipping to their customers without having to handle fulfillment themselves. Returns management, inventory management, financing tools and other solutions can also be activated in ShipBob's apps marketplace to provide brands with a single solution to manage their broader business needs.
Powering these capabilities is a purpose-built fulfillment technology stack with easy-to-use merchant-facing software and a sophisticated warehouse management system (WMS). ShipBob's WMS is used within all of their fulfillment centers across the United States, Canada, Europe and Australia, which shortens the time to stand up new facilities to weeks instead of quarters. ShipBob expects to open ten more facilities across North America and Europe in 2021.
"All of the facilities in the ShipBob network look the same, operate the same way and leverage the same world-class, cloud-based technology, which makes our merchant experience very consistent even as inventory is distributed across the globe," said Divey Gulati, President and co-founder of ShipBob. "With the additional investment from Bain Capital Ventures and our Series E, we can continue to make strategic, long-term investments in our product and technology to help make ecommerce businesses more successful."
ShipBob is the leading cloud-based logistics platform designed for small and medium-sized businesses to provide them access to best-in-class supply chain and fulfillment capabilities. The ShipBob platform provides merchants with a single view of their business and customers across all of their sales channels, and enables them to manage products, inventory, orders and shipments, and leverage analytics and reporting to run their business effectively.
Founded in 2014 out of Chicago, ShipBob was launched through Y Combinator by co-founders Dhruv Saxena and Divey Gulati, two entrepreneurs who saw a need for more efficient shipping for ecommerce businesses. Today, the company has raised $330.5 million in funding and operates a global logistics network with 24 fulfillment centers across five countries, including the United States, Canada, England, Ireland and Australia. 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 startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 340 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. Bain Capital Ventures has $7.3 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto.
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