Australian e-commerce and logistics company Shippit has raised $30 million in a Series B equity round for its expansion into Southeast Asia.
Led by US-based technology investment firm Tiger Global, the Series B builds on $11 million raised previously since 2017.
Named the 23rd fastest growing Australian tech-startup by Deloitte, Shippit provides fulfilment technology to retail giants in Australia including Sephora, Big W, Target and Temple & Webster.
Tiger Global partner John Curtis said the fund was impressed with Shippit's business fundamentals and the company's growth during the 2020 e-commerce boom.
"Shippit has some of the best metrics we have seen for a company raising at this stage," Curtis said.
"They are incredibly capital efficient, they serve an enormous and growing addressable market, they have a great product-market fit with category leading-partnerships and they are profitable."
"Their services is indispensable to retailers and we are proud to be backing the next stage of their growth journey."
Shippit currently handles five million orders per month in Australia using software that allows retailers to choose who delivers their order and how it is delivered.
Founding CEO William On (pictured right) said funds raised will support the company's expansion in the South-East Asia region, product and technology enhancements by a growing team of engineers in their Sydney development hub, and key hires who will drive growth and profitability during this expansion.
"E-commerce is how retail survives, revives and thrives," On said.
"Scalable logistics is one of the fundamental enablers for e-commerce in the APAC region and this capital will enable us to advance our core business of providing the technology retailers need to grow."
Business News Australia