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The funding will be used to support small businesses across Australia and the U.S.
Sydney-based logistics startup Sendle has raised AU$19 million (US$13.775 million) in its latest round of funding, to manage the unprecedented global demand for ecommerce, expand the company’s shipping network, and support its accelerated growth, the company announced in a press release dated August 18.
The oversubscribed funding round welcomed new investors King River Capital, a venture capital firm based in Sydney and San Francisco, Alberts Impact Capital and Marinya Capital, as well as returning investors Federation, Rampersand, Full Circle Venture Capital and NRMA Insurance.
Sendle, launched in 2014, is Australia’s first carbon neutral delivery service and a certified B Corp, which focuses on providing sustainable shipping in the face of the spike in demand for ecommerce. According to the Australia Post 2020 ecommerce report, released in April 2020, about 2.5 million Australian households bought something online per week, as opposed to a yearly average of 1.6 million in 2019. The company says that it has over half a million customers across Australia and the U.S., conveying the increasing demand for 100% carbon neutral parcel delivery.
The newly raised fund will be used to increase the strength and reliability of Sendle’s network, and to ensure that small businesses can keep up with consumer demand in the upcoming months and ahead of Christmas.
“Thanks to the backing of our investors, we will be able to invest even more in helping our small business customers compete during these critical times,” says Sendle CEO James Chin Moody. “Logistics is becoming an even more important part of the economy, and we stand ready to do our part.”
Over the past six months, Sendle has been engaging in partner innovation to enhance and expand its services. On June 17, the company announced that it had partnered with Bonds Couriers to launch a solar-powered delivery fleet. Sendle also partnered with Shopify to power Shopify Shipping in Australia, and integrated with online marketplace Etsy on August 3. It had also announced a partnership with DHL eCommerce in September last year.
Sendle has witnessed rapid growth in Australia, where it was first established. The company’s deliveries reached the largest single-day volumes in its history in Melbourne on August 3, 2020. As of December 7, 2019, Sendle was the highest-rated delivery service in Australia. After launching in the U.S. in November 2019, the company’s U.S. volumes reached one-fifth of the Australian business, which was higher than the company’s projections.
“Sendle is perfectly positioned for the future. It is a business that is meeting rapidly evolving consumer demands and needs, including in ecommerce, backed by sophisticated technology and in a way that is environmentally friendly,” says Zebediah Rice, Partner of King River Capital, the leading investor in this funding round. “It’s globally relevant and scalable and the growth opportunity is huge.”