B2B Payments

Logistics Supply Chain Startup Shipwell Raises $35M

Logistics supply chain startup Shipwell announced that it has raised $35 million in a Series B funding round led by Georgian Partners. Fifth Wall, Global Founders Capital, BoxGroup and Aspect Ventures also participated, with the funding round one of the largest in Austin, Texas this year.

Shipwell — an intelligent supply chain management solution for shippers, third-party logistics and carriers — has raised $47 million total in funding. It plans to expand employee head count, and open its second office in Chicago, Illinois next year. In addition, the company has revealed that it is now 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,” said Greg Price, CEO and co-founder of Shipwell, in a press release.

Since raising its Series A funding last year, Shipwell grew shipments on the platform by 600 percent from over 4,000 monthly users, generating over 100 million rows of location data every day.

“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,”added Jason Traff, president and co-founder of Shipwell. “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.”

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

TRENDING RIGHT NOW