Courier service Sendle today announced it has raised a further $19 million from a mix of new and returning investors. Popular with small businesses and offering carbon neutral delivery, Sendle says its now has half a million customers as ecommerce demand is “skyrocketing” during COVID-19.
Sendle says its latest funding round was oversubscribed and included new venture capital firms as well as returning investors Federation, Rampersand, Full Circle Venture Capital and NRMA Insurance.
The company says the new funds will be used to sure up Sendle’s logistics network as it prepares for a busy Christmas period.
“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,” said Sendle CEO and Co-founder, James Chin Moody.
“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.”
Sendle revealed it has delivered Christmas peak volumes every week since the pandemic started, with parcel volumes in Australia increasing over 120 per cent compared to the same time last year. Deliveries by Sendle reached the largest single-day volumes in its history in Melbourne on 3 August.
Sendle Launched in 2014 as a carbon neutral alternative for small business parcel delivery and to date has raised $49 million from investors. As ecommerce demand surged in the last six months Sendle has rolled out new integration tools with Etsy and Shopify, and now claims more than half a million customers in Australia and is now targeting the American market.
Sendle launched in the US in November 2019 and reports parcel volume there has already reached one fifth of Australian volumes.
Zebediah Rice, Partner at new investor King River Capital, 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.”