Miami Tech & Startup News

ShipMonk raises another $65 million to propel international growth

ShipMonk raises another $65 million to propel international growth

On the heels of its $290 million investment in December, ShipMonk has announced a $65 million raise from Periphas Capital.

ShipMonk’s total funding now exceeds $365 million, including previous funding from Summit Partners SJF Ventures, Grotech Ventures and Supply Chain Ventures.

The funding announcement comes as ShipMonk accelerates its national and international expansion to support more customers with new locations, expanded carrier partnerships and technology enhancements to its platform.

The Fort Lauderdale-based ecommerce logistics provider specializes in serving small and mid-sized merchants, and today serves more than 1,000 of them with inventory management software, automation tech and multi-channel order fulfillment services.

In 2020, ShipMonk – a repeat presence on Inc 5000 Fastest Growing Companies lists – generated over $140 million in revenue, doubling that of 2019. The company employs more than 1,000 people, including hundreds in South Florida, and has always been profitable.

In a recent interview, founder and CEO Jan Bednar said he aims to open an additional U.S. distribution facility and ShipMonk’s first international facility this year. He is also exploring company acquisitions that could add value to ShipMonk.

ShipMonk, founded in 2014, has been capitalizing on the rapid consumer spending shift to online buying. In 2019, ShipMonk moved its headquarters from Deerfield Beach to a 220,000-square-foot facility in Fort Lauderdale, with offices and a massive warehouse. In the past year, ShipMonk has added extensive automation to its Fort Lauderdale warehouse, with plans to expand that automation in its existing facilities in California and Pennsylvania as well as the new ones the company plans to open.

During a recent video tour, robots could be seen building boxes at a 2-second clip, and helping with the packing, while a mile-long conveyor belt of boxes snaked through the huge facility, ending with the  completed boxes getting automatically sorted for shipping. Much of the automation was installed in 2020. At peak times during the holiday season, the facility was processing 3,000 order per hour, Bednar said.

ShipMonk’s end-to-end solution that starts with an efficient system for merchants and 24/7 customer service by its “happiness team” ensures those conveyor belts remain busy.

“Our technology platform allows merchants to delegate the hassle of managing order fulfillment, tracking inventory throughout warehouses, and dealing with fluctuating shipping circumstances so they can focus on scaling their business. Working with ShipMonk means orders arrive when you say they will, which is always important, but particularly so when a buyer is counting on a gift delivery to celebrate a holiday or special occasion. We treat every order as a holiday delivery order,” said Bednar, in a statement.

“The leadership team led by Jan Bednar has built a nimble and entrepreneurial culture and are growing at a hyper-scale pace,” said Sanjeev Mehra, Managing Partner of Periphas Capital, who has joined the board. “We believe ShipMonk benefits from three growth curves: explosion in e-commerce, consumer preference for digitally native direct-to-consumer brands, and a shift by SMBs to outsource logistics with technology they can’t build themselves.”

Follow @ndahlberg on Twitter and email her at [email protected]

 

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