- Shippo, a leading shipping platform for growing e-commerce businesses, announced it raised $30 million in Series C funding led by D1 Capital Partners
Shippo, a leading shipping platform for growing e-commerce businesses, announced it raised $30 million in Series C funding led by D1 Capital Partners. Existing investors Bessemer Venture Partners, Union Square Ventures, Uncork Capital, and Version One also participated in the round. Including this round of funding, Shippo has raised a total of $59 million.
The e-commerce market is estimated to be about $3.5 trillion and it is expected to double by 2023 due to shifts in consumer preferences and more brands expanding online.
However, e-commerce spending still only accounts for 15% of total retail — which leaves a significant opportunity for sustained high-speed growth. With this funding round, it will position Shippo as the key enabler for shipping in the e-commerce technology stack.
Shippo is known for building the next-generation shipping platform for e-commerce businesses thus helping them deliver the exceptional experience that today’s consumers expect. And with Shippo, merchants can connect all of their sales channels, including Shopify, Wix, Square, eBay, Amazon, etc. for managing end-to-end shipping including checkout experience, purchasing labels, and tracking shipments from over 58 global shipping carriers and automating returns in one place.
So far, over 35,000 brands — ranging from small businesses to some of the most recognizable names in e-commerce including GOAT, OfferUp, hims, and Aesop — have shipped more than 150 million orders with Shippo’s software.
In order to help guide future plans for growth, Shippo also announced that Catherine Stewart (formerly Chief Business Officer at Automattic) will join as Chief Operating Officer. At Automattic, Stewart helped build the company’s go-to-market functions, including marketing, inside sales, partnerships, and corporate development — which contributed to growing the company’s valuation from $1 billion to $3 billion.
Key Quotes:
“Shipping shouldn’t be seen as a cost center, it’s a growth engine. When used properly, shipping is a tool for businesses to gain consumer confidence, increase conversions, and drive repeat buying by building loyalty. Except, many of these benefits have historically been reserved for the savviest and most resource-rich businesses. Shippo is changing that dynamic. We’re making shipping an order as easy as sending a text message. Merchants will no longer stress over the right carriers to use, shipping options to show their customers, or labels to purchase. They trust Shippo to optimize for their growth.”
-Shippo co-founder and CEO Laura Behrens Wu
“Over the last few years, e-commerce has continued to grow rapidly. The accessibility of store platforms, payment processing, and digital marketing has made it easier than ever for brands and entrepreneurs to build a successful business online. Shipping has been slower to adapt, though, with cumbersome and often outdated technology. For many small and mid-sized businesses, shipping goods to customers is still expensive and time-consuming. Shippo’s ability to solve these challenges for both small businesses and large brands positions it well for future growth. I am delighted to join Shippo and help realize its goal of transforming shipping.”
-Catherine Stewart
