ShipMonk bags $65 million in growth funding for its eCommerce fulfillment and inventory management platform 

According to the National Retail Federation, eCommerce demand increased by more than 20% for the 2020 holiday season, accounting for upwards of $200 billion in spending, as droves of consumers went online during the pandemic.

Online retailers, particularly small and mid-sized businesses (SMBs), scaling their businesses seemingly overnight, looked to technology to streamline the fulfillment and inventory management of their back-end business operations. One of the companies leading the eCommerce fulfillment space is ShipMonk. The  Fort Lauderdale, Florida-based tech startup offers direct-to-consumer fulfillment and technology tools for eCommerce companies.

Today, ShipMonk announced a $65 million infusion of growth equity from Periphas Capital. The investment closely follows a $290 million growth equity round from Summit Partners, raised in December 2020. Alongside the funding, ShipMonk also announced Periphas Capital Managing Partner, Sanjeev Mehra, will join its Board of Directors.

ShipMonk was founded in 2014, by CEO Jan Bednar, inspired by a personal need, as he experienced difficulty getting U.S. merchants to ship internationally to his native country, the Czech Republic. ShipMonk’s proprietary e-commerce management platform solves a number of significant pain points for digitally native e-commerce brands by providing. its technology also integrates with shopping cart and marketplace platforms like Shopify to import orders across sales channels, which are then processed at the company’s warehouse locations.

In 2020 alone, ShipMonk saw its annual revenue doubled, driven by a 100% growth in its customer base and soaring order volumes that grew more than 115% year-over-year at their November peak.

To date, ShipMonk has now raised more than $365 million in total funding, including previous funding from SJF Ventures, Grotech Ventures, and Supply Chain Ventures. The latest financing comes as the company further accelerates its growth and international expansion to support more customers with new locations, expanded carrier partnerships, and technology enhancements to its platform.

“The leadership team led by Jan Bednar has built a nimble and entrepreneurial culture and are growing at a hyper-scale pace,” said Sanjeev Mehra, Managing Partner of Periphas Capital and new ShipMonk Board member. “We believe ShipMonk benefits from three growth curves: explosion in e-commerce, consumer preference for digitally native direct-to-consumer brands, and a shift by SMBs to outsource logistics with the technology they can’t build themselves.”

“Our technology platform allows merchants to delegate the hassle of managing order fulfillment, tracking inventory throughout warehouses, and dealing with fluctuating shipping circumstances so they can focus on scaling their business,” said ShipMonk Founder and CEO, Jan Bednar. “Working with ShipMonk means orders arrive when you say they will, which is always important, but particularly so when a buyer is counting on a gift delivery to celebrate a holiday or special occasion. We treat every order as a holiday delivery order.”