Parcel logistics company Passport announced it has raised $39 million in series B funding led by Technology Crossover Ventures with participation from Flexport, FJ Labs and Pure Imagination to continue supporting e-commerce brands’ international shipping needs.
Angel investors in the round included Nik Sharma of Sharma Brands; Cassandra and Jeremy Thurswell of Kitsch; Louis Kearns, former vice president of shipping for Shopify; Jeremy Cai, Italic’s CEO; and Sid Gupta, CEO of Quince.
Passport provides e-commerce merchants with a full end-to-end experience, handling not just shipping the parcels but other services such as import and export compliance, local tax and duty compliance, and international customer support. It also provides infrastructure for international returns and networks for first-mile warehouse pickups and last-mile local parcel delivery.
The company’s software can be integrated into logistics providers’ transportation management systems, warehouse management systems and enterprise resource planning systems in just a matter of weeks. This has helped Passport grow to servicing more than 500 brands, working with over 40 third-party logistics companies and shipping over $300 million worth of product since inception in 2017. In 2021, the company saw over 50% growth in general merchandise value and added 200 brands.
|Funding amount||$39 million|
|Funding round||Series B|
|Lead investor||Technology Crossover Ventures|
|Secondary investors||Flexport, FJ Labs, Pure Imagination, Nik Sharma, Cassandra and Jeremy Thurswell, Louis Kearns, Jeremy Cai and Sid Gupta|
|Business goals for the round||Expand its software capabilities and physical, asset-based network of warehouses and carriers|
|Post-money valuation||$200 million|
|Total funding||$53 million|
“Before Passport, international shipping was a nightmare,” said Jonathan Bayme, CEO of luxury playing card company Theory11. “Now it’s a dream, making it easy and effortless for Theory11 to expand into new countries with lower cost, faster delivery times and rapid support.”
Anh Nguyen, director of operations for the bra company Cuup, said, “Passport was able to help us feel very comfortable with how the process works, both from the operational aspect and the financial view of recovering duties and taxes. The cross-border knowledge bank that Passport brings is invaluable.”
Along with the raise, Passport announced it has hired Nita Lathia, former vice president of solutions strategy at Pitney Bowes, as the head of marketplaces.
“Nita is one of the most experienced and respected innovators in our industry and a pioneer in the design of cross-border delivery solutions for marketplaces,” said Passport co-founder and CEO Alex Yancher. “Her vision for disrupting international e-commerce and parcel delivery aligns with our long-term business plans by enabling marketplaces and their sellers to confidently ship anywhere in the world.”
Passport plans to use the new capital to continue developing its software-based infrastructure and expanding the physical logistics capabilities that it acquired in August as a part of the purchase of asset-based international shipper Access Worldwide.
“We are aiming to combine best-in-class technology with best-in-class logistics, and we believe that this investment will help us reach our goals faster,” said Yancher.