Today, we’re excited to announce that we’ve raised a $10 million Series A round led by Fifth Wall, a venture capital firm whose mission is to act as the connective tissue between the largest owners and operators of physical space and the entrepreneurs building revolutionary new businesses at the intersection of real estate and technology. With this investment, Fifth Wall principal Vik Chawla will join Shipwell’s Board of Directors.
Other new investors in the round include Global Founders Capital and Aspect Ventures, along with our existing investors First Round Capital, Base10, and Village Global. This latest investment brings our total funding to date to $12.1 million.
Over the past two years, we’ve been making business freight shipping delightful and seamless by connecting and automating supply chains. In an industry where no one uses words like ‘delightful’ or ‘seamless,’ we still have a long way to go, but with over 1,000 companies using Shipwell and a Net Promoter Score (NPS) of 88, we’ve built a solid foundation.
Looking forward, our Series A will help us accomplish our next three goals:
1. Spreading the word
Freight has always been manual and difficult, and in the past twenty years, it hasn’t changed much. Except now there are a few large companies that are really good at it, and for everyone else, especially the ones not using Shipwell, managing and optimizing freight will continue to be a growing challenge. Our mission is to make freight shipping delightful, and this round will help us spread the word about Shipwell.
2. Improving the product
Today’s supply chains are complex, disconnected, and global in scope, which means there’s room to improve them in almost every single way. In our next phase, we’re doubling down on making Shipwell more capable, more performant, more flexible, and offering a smoother customer experience. This new round helps us to achieve those goals and to do them faster than ever.
3. Amplifying the team
It’s important to us that we build a great company - in addition to building a great product. To that end, we’re so proud of all of our Shipwellians for the ownership, dedication, and excellence that they’ve shown, and we want to make sure that we continue providing them with the resources to set them up for success. (Also - we’re hiring!)