AfterShip boasts 10,000 partners and plans further expansion in the US with its recent funding. Here are the top-line bullets you need to know.
AfterShip, offering shipment tracking solutions for e-commerce retailers, has raised $66M in its Series B. The round was led by Tiger Global Management with participation from Hillhouse Capital Management’s venture arm GL Ventures.
HOW’S THE COMPANY PERFORMING?
- Hong Kong-based AfterShip is a shipment tracking platform that allows online retailers track shipments across different carriers. It also develops other SaaS analytics tools that cover functions like customer relationship management, carrier performance, and email marketing.
- Founded in 2012, the company has reportedly been profitable since launch. Now, the company processes 6B shipments annually through over 740 carriers.
- AfterShip reportedly, has 10,000 partners, including e-commerce merchants, like Shopify and Magento, marketplaces, like Wish, eBay, and Etsy, and retail brands, like Harry’s, Dyson, Inditex, and others.
WHY DOES THE MARKET MATTER?
- The shipping software market is projected to grow at a CAGR of 9% to reach a value of $5B by 2030, according to Transparency Market Research.
- Technological advancements in AI and blockchain as well as an increase in global shipping activities have propelled industry growth.
- The Covid-19 pandemic has led to businesses shifting online, which has driven shipping software demand for scheduling, geo-locating, and real-time tracking.