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Successful Closure of Shippit Co-investment Vehicle
Shippit is on a mission to make existing omnipresent logistics infrastructure more accessible, scalable and cost-effective.
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Aura Ventures is excited to announce the closure of its $10m Aura Venture Growth SPV I (AVGSI), our co-investment vehicle into Shippit’s upcoming $50 million Series B2 capital raise. AVGSI was well supported by its existing LPs (who were provided priority access) and new LPs including a number of institutional investors. In addition to AVGSI, the round is expected to be filled by existing Shippit investors.
Shippit is on a mission to make existing omnipresent logistics infrastructure more accessible, scalable and cost-effective. Its core product is a booking platform that allows retailers to make delivery decisions quicker and smarter. Through its algorithmic carrier selection capabilities, it determines the most appropriate carrier for a retailer to use based on suitability for the job and then streamlines the operational process through its multi-carrier workflow.
The business has grown at >100% CAGR for the last two years and services customers across all segments including some of the largest retailers in the country such as Harvey Norman, Target, Cotton On and Uniqlo.
We believe there are a number of tailwinds that make a very strong investment case for the company looking forward. Primarily, there is a structural shift in our economy from in-store commerce to online, as well as increasing domestic shipping where customers are demanding faster and more reliable delivery from online orders. The traditional logistics sector is highly fragmented and a technology laggard - leaving it ill-equipped to deal with exponential increases in volume. Shippit is in a unique position as it is the only company that is capturing both retail shipping spend, data and courier performance data. With this data, it powers a virtual carrier network that is open and connected.
The company is also expanding into the South East Asian markets, where Aura Group is well positioned to add significant value through its infrastructure and extensive network in the region.
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