ShipMonk, a Fort Lauderdale, FL-based provider of ecommerce fulfillment and technology solutions, raised $290m in growth equity funding round.
The round was led by global growth investor Summit Partners. In conjunction with the funding, Summit Partners’ Managing Director Christopher Dean and Vice President Chelsea Jurman joined its Board of Directors.
The company intends to use the funds to further accelerate its growth through continued investment in R&D, hiring, the development of B2B fulfillment capabilities and international expansion.
Led by Founder and CEO Jan Bednar, ShipMonk provides inventory management software, automation technology and multi-channel order fulfillment solutions designed to help businesses scale quickly and compete with more established brands. Its API integrations sync with shopping cart and marketplace platforms, such as Shopify, to automatically import orders across every sales channel and support a quick fulfillment experience. Orders are processed at ShipMonk’s U.S. warehouse locations strategically located throughout the United States to facilitate fast delivery of products to customers.
In 2020, the company will generate more than $140 million in revenues, representing growth of more than 100% over the prior year. Today, the company serves more than 1,000 ecommerce businesses, including BrüMate, Liquid IV, Cuts Clothing, FEAT and CatLadyBox.
ShipMonk, which also has warehouse facilities in Fort Lauderdale, FL, Pittston, PA, Los Angeles, CA, and Prague, Czech Republic, plans to open its flagship European fulfillment center in the Czech Republic in mid-2021. The company has 1,000 employees and intends to increase headcount to 1,500 over the next 12 months, with hiring predominantly for Warehouse Associates, Happiness Engineers and Developers.