E-commerce wave helps ShipMonk to $290 million investment round
Rapidly growing e-commerce demand pushes demand for aligned start-ups, with ShipMonk taking in $290 million in latest growth equity funding round
E-commerce fulfilment and technology solutions provider ShipMonk has announced a $290 million growth equity round, led by global growth investor Summit Partners. Despite its size, the financing represents only a minority stake in the business.
ShipMonk said in a release that the investment will be put towards international expansion, technology platform enhancements, R&D, hiring, and the development of enterprise-level B2B fulfilment capabilities.
In 2020, ShipMonk estimated more than $140 million in revenues, which it said represented growth of more than 100% over the prior year on the back of the huge digital sales and delivery boom of the last 12 months.
For example, over Black Friday, $9 billion was generated in online purchases, up 22% from last year and many businesses and delivery firms are reporting levels of e-commerce business five or even ten years ahead of their pre-pandemic forecasts.
“ShipMonk was founded to alleviate the burden of supply chain management and allow brand owners to focus on the magic of their front-end customer experience,” said ShipMonk Founder and CEO, Jan Bednar.
The company also announced the addition of Summit Partners’ Managing Director Christopher Dean and Vice President Chelsea Jurman to its Board of Directors.