Logistics tech startup Shippit nabs US$22m funding, eyes Southeast Asia growth
Shippit will use the fresh funds for product development and new hires, with plans to expand into the Philippines and Indonesia.
December 10, 2020
By PLA Editor
Air & Cargo Services air cargo Air Cargo Asia air cargo freight Air Forwarding air freight Air Freight Asia Air Freight Logistics air freighter air freighting Air Logistics Asia Air Shipping Asia airlines cargo airways cargo asia cargo news cargo aviation e-commerce logistics parcel delivery Shippit Southeast Asia shipments
Sydney-based logistics startup Shippit has raised US$22.4 million (A$30 million) in a series B round led by US-based tech investment firm Tiger Global, as it looks to tap new markets in Southeast Asia.
The e-commerce and logistics company said it will use the funds for product development and new hires, aiming to add another 100 people to double its staff across Asia Pacific, including 50 software developers.
Shippit’s technology automates tasks related to order fulfilment and returns and allows e-retailers and shippers to choose couriers, control how shipments are delivered and track orders in a single platform.
The company said it currently handles 5 million deliveries each month in Australia alone, which has seen seen a threefold increase in delivery volumes over the past 12 months, according to co-founder William On.
After launching in Singapore and Malaysia this year, Shippit is eyeing expansion into the Philippines and Indonesia in response to the rapid growth in e-commerce and online buying amidst the coronavirus pandemic.
“Scalable logistics is one of the fundamental enablers for e-commerce in the Asia Pacific, and this capital raise will enable us to advance our core business of providing the technology retailers need to grow,” said William.
In August, Shippit partnered with SingPost to offer discounted rates for SMEs to boost parcel deliveries across the city-state. The company is targeting 100 percent annual growth for its Southeast Asian business over the next three years.