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Shipwell raises $35m in Series B funding round
Company hopes to use the money raised to add staff and draw in customers into its centralised logistics management hub
Shipwell, which provides a supply chain management solution and market for shippers, 3PLs, and carriers, has raised $35 million in a Series B funding round led by Georgian Partners, including Fifth Wall, Global Founders Capital, Box Group and Aspect Ventures.
To date, Shipwell has raised $47 million in funding and plans to expand employee headcount and open its second office in Chicago, Illinois in 2020.
Since raising its Series A in October 2018, Shipwell claims it has grown shipments on the platform by 600% from over 4,000 monthly users of the platform that generate over 100 million rows of location data every day.
The announcement comes as Shipwell releases parcel shipping alongside its traditional freight shipping modes. Shipwell is now FedEx Compatible, allowing users to manage their parcel and freight shipping in one centralised platform.
Shipwell is also offering early access to FedEx shipping alongside its freight offerings in the cloud-based platform.
"Shipwell is taking a huge step forward today with our announcement of Series B in addition to FedEx compatibility. With Georgian Partners, Shipwell is poised to continue delivering a product that makes supply chain management automated, simplified, and cost-effective," Greg Price, CEO and Cofounder, Shipwell, said.
"Shipwell is in an incredibly unique position to provide mass optimization and automation to all modes of shipping. We're excited to partner with the team as they continue to bring transparency and efficiency to the logistics market," said Tyson Baber, Partner at Georgian Partners.
"This is just the beginning. We've brought on experienced leadership talent - including Kris Glotzbach, Shipwell CRO and veteran at UberFreight and CH Robinson to help position Shipwell as a leader in the supply chain management space," Jason Traff, President and Cofounder, Shipwell, said. "In the coming months and years ahead, our focus on delivering a platform with layers of sophistication built on machine learning and AI will take our customers to the future of supply chain execution."