Shippo, an e-commerce shipping platform, has announced it has raised $50 million in new funding led by Bessemer Venture Partners. The company has raised a total of $154.3 million since 2014.
This round has pushed Shippo to unicorn status, now valued at $1 billion.
The company’s previous valuation, after its last raise of $45 million during Q4 of 2020, was $495 million. In that announcement, Shippo disclosed it had moved more than $12 billion of goods in 2020 within its system.
Since that last round, Shippo has reached 100,000 customers on its platform and has added to its senior leadership team Naveen Sanjeeva, a former RingCentral (NYSE:RNG) and Yahoo! (NYSE:VZ) engineer, as senior vice president of engineering and Olivier Adler, former CFO of Amazon’s eero (NASDAQ:AMZN), as chief financial officer.
Shippo offers its merchants an order-management platform that connects them with every available shipping provider for real-time pricing, label making and tracking abilities. It aims to gain end-consumer confidence, increase conversions and offer merchants a platform that allows them to scale without having to use third-party platforms like Amazon.
The company partners with platforms like Shopify (NYSE:SHOP), Etsy (NASDAQ:ETSY) and Square (NYSE:SQ) and works with fulfilment providers like ShipBob, Soapbox and ShipDaddy, according to its website.
The company was recently awarded the 2021 Compatible Envision Award from FedEx (NYSE:FDX) for its ability to leverage FedEx services for businesses that may not have qualified for discounted rates directly. This award is presented to the highest-performing solution within FedEx’s Compatible Tier Program.
While the company is already present in Germany, France, the U.K., Canada and Australia, it plans to use these new funds to expand internationally, specifically further into Western Europe.
Shippo also plans to add team members who will continue to add more regional U.S. carriers to its platform, with the goal of allowing merchants to buy shipping labels from any shipping provider in the world.
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