Australian carbon neutral parcel delivery service Sendle has raised $45 million in a Series C funding round to drive market expansion in the United States.
The funding round was led by Afterpay-backed (ASX: APT) AP Ventures, alongside existing investors including Federation, Full Circle and NRMA.
The raise comes after Sendle experienced major growth in 2020, with COVID-19 accelerating the shift to e-commerce, doubling the Sydney-based organisation's size as parcel volumes increased by 103 per cent.
In the US, where Sendle launched in 2019, it has experienced equally strong growth with parcel volumes increasing tenfold.
Funds raised from the Series C will shape the company's ambitious plans in the US, funding investment in its logistics network.
"We're incredibly excited to have the backing of AP Ventures not only for the experience they bring, but also the great alignment between Sendle and Afterpay," Sendle co-founder and CEO James Chin Moody said.
"Sendle and AP Ventures share a deep knowledge of the eCommerce ecosystem and an understanding of how to create value for small businesses.
"As we gear up for further growth in the United States, AP Ventures brings valuable experience in international expansion through Afterpay's own success in North America as the number one buy-now-pay-later service."
Hein Vogel, CEO of AP Ventures, in which Afterpay is the largest shareholder, says Sendle will play a major role in the ongoing e-commerce boom in Australia and the US.
"Parcel delivery is the backbone of today's eCommerce ecosystem as more people than ever now shop and sell online," says Vogel.
"As this trend continues to grow, so will the importance of small business shipping in helping online sellers create a meaningful competitive advantage so they can thrive in the age of eCommerce.
"James and the team at Sendle have built an incredible business with a loyal customer base. We're impressed by the strong growth and high potential for scaling successfully internationally. We're thrilled to be onboard as Sendle enters its next phase of growth and becomes another Australian success story in the United States."
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