Start-up courier service Sendle has raised $20 million in a series b funding led by Federation with Full Circle Venture Capital, Rampersand and Giant Leap returning as investors.
Sendle said the cash will be used to begin to exploring international markets and accelerate growth locally, as part of its ongoing challenge to Australia Post.
Funds raised from the series B will fuel new product launches, partnerships as well as expansion into new overseas markets as Sendle gears up to take its offering onto the global stage.
The courier service said it expects 2019 to be a year of “hyper-growth” especially with the addition of Eva Ross its new CMO who will be spearheading brand and marketing as the business scales.
James Chin Moody CEO and co-founder of Sendle said, “We’ve always had one mission at Sendle, and that’s to level the playing field by giving small business owners access to big business delivery infrastructure.
“We exist to offer a cheaper and convenient alternative to Australia Post — a 200 year old functional monopoly that has remained largely unchallenged up until now. The new funding will ensure that we’re well resourced to ramp up our ‘Post without the Office’ fight in 2019 to educate the market about their options.”
Sendle said it aims to unlock the power of big business logistics — convenience and affordability — for those at the smaller end of town, saving business owners time, money and a trip to the Post Office.
As part of Federation’s investment, Neil Brown, head of private equity will join the Sendle board.
Brown said, “James and the team at Sendle are solving a critical issue for their customers in the fast-growing SME ecommerce sector with their innovative business model, and we are excited by their prospects for strong continued growth in Australia and abroad.
“The Federation and Sendle teams have the shared goal of achieving commercial success for the business and its customers, with sound Environmental, Social and Governance underpinnings, and we are proud to be involved in this next exciting stage for the business.”
In 2018, Sendle announced the launch of a price guarantee, Australia’s first two-day delivery guarantee, a 24 hour drop off service and a partnership with Pitney Bowes.