ShipMonk Pulls In $290 Million For eCommerce Growth Effort

ShipMonk

ShipMonk has pulled in $290 million in a funding round led by Boston-based Summit Partners as part of an expansion effort. Florida’s ShipMonk, started in 2014, offers eCommerce fulfillment services and technology solutions.

“ShipMonk’s customer base has doubled over the past 12 months, and today the company serves more than 1,000 eCommerce businesses,” according to a press release. “ShipMonk’s customer base has benefited from the ongoing shift to online purchasing and, amidst further COVID-accelerated growth, the company helped its merchants to keep a steady delivery stream, maintaining shipping and delivery timeframes and eliminating delays.”

The B2B company said the $290 million investment “represents a minority stake.” According to the release, ShipMonk will use the money for research, the development of B2B fulfillment capabilities and international expansion.

Summit Partners Managing Director Christopher Dean and Vice President Chelsea Jurman will join ShipMonk’s board.

The ShipMonk funding is part of a surge in cash going to such B2B companies as GoSite, which targets small and medium-size businesses (SMBs) that are moving operations online.

“Small and medium-sized brands are working at an incredible pace to keep up with both increased demand and consumers’ service-level expectations,” said Jan Bednar, ShipMonk’s founder and CEO. “Fulfillment and inventory management technology has quickly become a critical component to ensure seamless delivery.”

“ShipMonk without question enabled us to both survive and thrive through 2020,” said Dylan Jacob, founder of BrüMate, an insulated drinkware brand. “We couldn’t have foreseen this year’s increased demand. But because ShipMonk was running our fulfillment, we were able to meet, and even exceed, expectations and our customers never saw us sweat.”

ShipMonk said it has been profitable even with its expansion efforts over time. According to the release, “In 2020, the company will generate more than $140 million in revenues, representing growth of more than 100 percent over the prior year.”