Sendle, the top-rated courier service for small business, has raised AUD$19 million to help small businesses manage unprecedented global eCommerce demand, expand the company’s shipping network and support its accelerated growth.
The funding round, which was oversubscribed, welcomed King River Capital, a venture capital firm based in Sydney and San Francisco, alongside Alberts Impact Capital and Marinya Capital as new Sendle investors. King River brings expertise across both Australian and US markets as Sendle expands internationally.
They were accompanied by returning investors Federation, Rampersand, Full Circle Venture Capital and NRMA Insurance.
The new funding round comes as Sendle reached a milestone of half a million customers across Australia and the United States, demonstrating the increasing demand for 100% carbon neutral parcel delivery in both markets.
Sendle launched in 2014 to “level the playing field” for small businesses through sustainable shipping that is simple, affordable and reliable. It unlocks the power of big business logistics — convenience and affordability — for those at the smaller end of town to help small businesses in Australia and the US thrive at a time when demand for online shopping is skyrocketing.
It is investing more to help small businesses compete in the face of massive eCommerce growth, with the ten-year growth trajectory in global activity occurring in just eight weeks. The additional capital will be used to ensure Sendle’s network is stronger and more reliable than ever, and ensure small businesses can deliver to increased customer demand in the coming months and ahead of Christmas.
Sendle has seen growth across both Australia and the US, including:
- Since launching in the US in November 2019, US volumes have seen rapid growth to reach one-fifth of the Australian business, exceeding the company’s initial growth forecasts and demonstrating the popularity of the small business shipping product in the US market
- Sendle has delivered Christmas peak volumes every week since the pandemic started, with parcel volumes in Australia increasing over 120% compared to the same time last year
- Sendle deliveries reached the largest single-day volumes in its history in Melbourne on 3 August
During COVID-19, we’ve seen our economy and hundreds of thousands of Australian small businesses become more reliant than ever on a robust logistics network, so we want to make sure their parcels get to the intended destination efficiently, cost-effectively and sustainably. It’s pretty tough at the moment for everyone, but we’re throwing everything we can at ensuring our network is even more robust and reliable during these trying times,”said Sendle CEO and Co-founder, James Chin Moody.
“Thanks to the backing of King River Capital, Alberts and our existing investors, we will be able to invest even more in helping our small business customers compete during these critical times. Logistics is becoming an even more important part of the economy, and the small business economy in particular, and we stand ready to do our part.”
King River Capital Partner, Zebediah Rice, said:“Sendle is perfectly positioned for the future. Its exceptional leadership team has created a business that is meeting rapidly evolving consumer demands and needs, including in eCommerce, backed by sophisticated technology and doing so in a way that is environmentally friendly. It’s globally relevant and scalable and the growth opportunity is huge.
“King River Capital is excited to be leading this financing and we look forward to working with James and the team as we support them on their next stage of growth, domestically and in the US.”
Sendle raised $20 million in a Series B round in 2018 led by Federation, a fund with a focus on Renewable Energy, Health & Education and Real Estate.
The confirmation of the $19 million funding round follows six months of rapid growth and partner innovation, during which Sendle announced strategic partnerships with Bonds Couriers to launch a solar-powered delivery fleet, with Shopify to power Shopify Shipping in Australia and, most recently, an integration with online marketplace, Etsy.