Shippo, the leading shipping platform for growing e-commerce businesses, announced today that it has closed $30 million in Series C funding, bringing its total capital raised to $59 million. D1 Capital Partners, who led the round, joins Shippo’s world-class roster of investors, including Bessemer Venture Partners, Union Square Ventures, Uncork Capital, and Version One, who all also participated in the round.
E-commerce is a $3.5T market that is poised to double by 2023, fueled by shifting consumer preferences, more brands expanding online, and a new wave of digital-first entrepreneurs. Despite massive growth to date, e-commerce spend still only accounts for 15 percent of total retail, leaving significant room for sustained high-speed growth. The explosion in e-commerce has given rise to companies that enable this revolution — Shopify, a $40B e-commerce platform, Stripe, a $35B payments platform. The new funding round positions Shippo as the key enabler for shipping in the e-commerce technology stack.
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Shippo is building the next-generation shipping platform for e-commerce businesses, helping them deliver the exceptional experience that today’s consumers expect. With Shippo, merchants can connect all of their sales channels – including Shopify, Wix, Square, eBay, Amazon, and dozens more – to manage end-to-end shipping including checkout experience; purchasing labels and tracking shipments from more than 58 global shipping carriers; and automating returns in one place. To date, over 35,000 brands, 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.
“Shipping shouldn’t be seen as a cost center, it’s a growth engine,” said Laura Behrens Wu, Shippo co-founder and CEO. “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.”
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To help guide future plans for growth, Shippo also announced that Catherine Stewart, formerly Chief Business Officer at Automattic, the company behind WordPress.com, will join as Chief Operating Officer. At Automattic, she built the company’s go-to-market functions, including marketing, inside sales, partnerships, and corporate development, which contributed to growing the company’s valuation from $1B to $3B.
“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,” said Stewart. “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.”
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