Courier service, Sendle, has raised $20 million in Series B funding to fuel growth and exploration of international markets.
The funding round was led by Federation, who are investing alongside Full Circle Venture Capital, Rampersand and Giant Leap as returning investors.
Sendle launched four years ago, offering carbon neutral door-to-door delivery. It aims to unlock the power of big business logistics — convenience and affordability.
Since November 2014, Sendle parcels have travelled more than 4.3 billion kilometres — as far as Neptune, or 14 times to the Sun and back. It facilitates more than a quarter of billion dollars in small business e-commerce annually and its customer base has grown by over 600 per cent in the last two years.
“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,” said Sendle CEO and Co-founder, James Chin Moody.
“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,” he said.
Funds raised from the Series B will reportedly 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 expects 2019 to be a year of hyper-growth with CMO, Eva Ross, joining Sendle’s ranks last year from Airbnb, to spearhead brand and marketing as the business scales.
As part of Federation’s investment, Federation Head of Private Equity, Neil Brown, will join the Sendle Board.
“James and the team at Sendle are solving a critical issue for their customers in the fast-growing SME e-commerce sector with their innovative business model, and we are excited by their prospects for strong continued growth in Australia and abroad,” said Brown.
“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,” he said.
The Series B rounds out 12 months of record growth and product innovation for Sendle. In 2018, it 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. Sendle was the first Australian courier to release 100 per cent compostable green satchels, while its inaugural brand campaign ‘Why Post when you can Sendle’, launched in May. The campaign boldly centred on the phrase ‘Post without the Office’, which Sendle successfully trademarked in 2017 after its courtroom victory against Australia Post.
“We’re impressed by Sendle’s commitment to its core values and its commercial savviness,” said Giant Leap Fund Managing Director, Will Richardson.
“At a stage in business where companies consider waiving their social commitments for further growth, Sendle has doubled down on its mission on being Australia’s first carbon neutral delivery service.
“Sendle is an incredible business that perfectly fits our mantra of marrying commercial success with social impact. We look forward to continuing to assist the company on the next part of its journey,” he said.