Passport, a company specializing in international shipping for eCommerce, has raised $39 million in a Series B funding round.
“The first is to further develop our software-based infrastructure for cross-border eCommerce and secondly, to expand on our recent acquisition of Access Worldwide by building out our physical logistics capabilities. We’re building a modern international shipping solution that combines best-in-class technology with best-in-class logistics, and this investment helps us get there faster.”
With this funding round, which was led by TCV, Passport has raised a total of $54 million since its inception in 2017.
Based in San Francisco, Passport serves the international shipping needs of direct-to-consumer brands, marketplaces and eCommerce third-party logistics providers.
Clients such as Kylie Beauty, Bombas, Native, Ritual and Seed.com depend on Passport to handle their cross-border shipping services that include door-to-door international parcel shipping to more than 150 countries, as well as handling international regulatory, duty and tax compliance. Passport says this includes a duty and tax calculator for Shopify, BigCommerce and WooCommerce.
“Now, it’s a dream — making it easy and effortless for Theory11 to expand into new countries with lower cost, faster delivery times and rapid support. Our customers are happy, and their packages arrive more quickly for less cost,” Bayme said.
As PYMNTS research has found, consumer interest in making cross-border eCommerce purchases continues to rise, with the value of global cross-border retail payments projected to jump from $1.95 trillion in 2016 to $3.56 trillion this year.
And more than 75% of four online consumers in Australia, Canada, China, France, Germany, Japan, the U.K. and the U.S. report having bought from eTailers outside their home countries in the last year, up 69% from 2019.