E-commerce shipping IT platform Shippo disclosed Tuesday that it received $45 million in funding during the fourth quarter in 2020 from its existing investors, bringing to $94 million the funding that the company has landed since its inception in 2013.
The latest round came from the same investor group that provided $30 million in funding last April, Shippo said in a blog post. The San Francisco-based company would not disclose the names of the investors other than to say that venture capital firm D1 Capital led the April 2020 round.
According to Shippo’s estimates, the fourth-quarter round raised the company’s valuation to $495 million, more than doubling its valuation of late 2019.
Shippo’s technology allows e-commerce businesses, online marketplaces and platforms to integrate shipping with multiple carriers through an automated programming interface (API) and web applications. It provides shipping support for small to midsize e-commerce merchants that struggle to compete with the likes of Amazon.com Inc. (NASDAQ:AMZN).
Shippo said it now has more than 70,000 customers, and that $12 billion of goods were shipped in 2020 using its system.