ShipBob Bags $200M Raise at $1B Valuation
June 30, 2021
secured a $200 million in funding, achieving unicorn status with their
valuation more than doubling since their Series D round in September
2020. ShipBob is designed for small and medium-sized ecommerce
businesses, providing them with world-class fulfillment capabilities.
After growing profitably to close out 2020, the new capital will bring
ShipBob's solution to more customers, expand their software platform,
scale their global fulfillment network and bolster their omnichannel
The Series E financing was led by Bain Capital Ventures, who led
ShipBob's Series B round in June 2017, with participation from prior
investors including SoftBank, Menlo Ventures, Hyde Park Venture
Partners, Hyde Park Angels and Silicon Valley Bank.
In September 2020, ShipBob raised $68 million in a Series D round led by
SoftBank Vision Fund 2. Since then, ShipBob has more than doubled their
fulfillment center network, growing from 10 to 24 facilities, including
their first facilities in both the United Kingdom and Australia.
In addition, ShipBob has expanded their technology to open up how and
where their customers can sell. ShipBob's app store now has over 40
integrations, including new 2021 partnerships like Walmart as their
TwoDay delivery partner, Shopify Plus as their only certified global
fulfillment partner and Pachama, which allows ShipBob customers to
offset emissions and be carbon-neutral on all shipments.
"Seven years ago, we found it was difficult as a small—but
growing—ecommerce business owner for us to provide our customers with a
delightful shipping experience. ShipBob was founded and built to solve
that challenge," said Dhruv Saxena, CEO and co-founder of ShipBob. "We
are extremely proud that more than 5,000 businesses use ShipBob for all
of their ecommerce fulfillment needs today, and look forward to
continuing that mission as shifts to digital continue to accelerate
across our customers' industries. As we increase our international
reach, omnichannel partnerships and B2B capabilities, it still feels
like day one for us."
"The fastest growing ecommerce brands recognize that world-class
fulfillment increases revenue and builds customer loyalty," said Ajay
Agarwal, Partner at Bain Capital Ventures and a member of ShipBob's
board of directors since June 2017. "These leading brands are partnering
with ShipBob as the one-stop cloud logistics platform to manage and
deliver their merchandise to customers around the world. ShipBob's
torrid growth rate and impeccable levels of customer success motivated
us to double down and lead this round."
integrates with all leading ecommerce platforms and marketplaces like
Amazon, Walmart, Shopify, BigCommerce, WooCommerce, Wix, Square and
Squarespace, enabling ecommerce merchants to provide fast and affordable
shipping to their customers without having to handle fulfillment
themselves. Returns management, inventory management, financing tools
and other solutions can also be activated in ShipBob's apps marketplace
to provide brands with a single solution to manage their broader
Powering these capabilities is a purpose-built fulfillment technology
stack with easy-to-use merchant-facing software and a sophisticated
warehouse management system (WMS). ShipBob's WMS is used within all of
their fulfillment centers across the United States, Canada, Europe and
Australia, which shortens the time to stand up new facilities to weeks
instead of quarters. ShipBob expects to open ten more facilities across
North America and Europe in 2021.
"All of the facilities in the ShipBob network look the same, operate the
same way and leverage the same world-class, cloud-based technology,
which makes our merchant experience very consistent even as inventory is
distributed across the globe," said Divey Gulati, President and
co-founder of ShipBob. "With the additional investment from Bain Capital
Ventures and our Series E, we can continue to make strategic, long-term
investments in our product and technology to help make ecommerce
businesses more successful."