Total amount raised
$65.2 Millions
Latest funding date
06/01/2017
Location
Shipt has successfully raised significant funding over multiple rounds, attracting notable investors such as Harbert Venture Partners and Headline. The platform offers same-day delivery services, partnering with local and national retailers to bring groceries and other essentials to customers' doorsteps.
Keep reading to explore the intricacies of Shipt's fundraising journey and the investors backing this innovative platform.
What Is Shipt?
Shipt, founded in November 2014 by Bill Smith, is a same-day delivery service headquartered in Birmingham, Alabama. The company partners with local and national retailers to deliver groceries and everyday essentials to customers' doorsteps.
Shipt's platform allows members to order a variety of products, including groceries, alcohol, household items, and more, from their favorite local stores. The service ensures that items are delivered by trusted Shipt shoppers who provide real-time updates.
With a workforce of 1001-5000 employees, Shipt has grown significantly since its inception, offering personalized shopping experiences and exclusive deals to its members.
How Much Funding Has Shipt Raised?
- Series B
- Amount Raised: $40M
- Date: June 2017
- Lead Investors: Greycroft Partners, e.ventures, Harbert Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand services from 47 metro areas to approximately 100 cities within the next year and enhance logistics and delivery efficiency.
- Series A
- Amount Raised: $20M
- Date: July 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expand its market reach.
- Seed Round
- Amount Raised: $5.2M
- Date: February 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the service and establish initial operations.
Total Amount Raised: $65.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Greycroft Partners
- Details: Greycroft Partners is a venture capital firm that invests in early and growth-stage technology companies. They have a strong presence in both New York and Los Angeles.
- Investment Focus Areas: Internet, mobile technologies, software.
- Notable Investments: Venmo, Braintree, The RealReal.
- e.ventures
- Details: e.ventures is a global venture capital firm that invests in consumer internet and software companies. They have offices in the U.S., Europe, Asia, and South America.
- Investment Focus Areas: Consumer internet, software, global investments.
- Notable Investments: Groupon, Sonos, NGINX.
- Harbert Venture Partners
- Details: Harbert Venture Partners is a venture capital firm that focuses on early-stage technology companies. They are based in Birmingham, Alabama.
- Investment Focus Areas: Early-stage technology, software, internet.
- Notable Investments: ControlScan, Invincea, VividCortex.
- Headline
- Details: Headline is a global venture capital firm that invests in technology-driven companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
What's Next for Shipt?
Shipt's future looks promising as it plans to expand its services to new cities, particularly in the southeast and midwest. This expansion could significantly increase its market reach, serving millions more families and leveraging partnerships with major grocery chains like H-E-B and Costco. The opportunity to grow from 47 metro areas to 100 cities within the next year highlights the vast potential for Shipt to become a household name in grocery delivery.
With the successful doubling of investment from previous backers, Shipt is well-positioned for future fundraising opportunities. Meeting its ambitious expansion goals could attract additional funding, enabling further growth and possibly even acquisitions. However, Shipt will face challenges such as intense competition from established players like Instacart and Amazon, and the need to maintain operational efficiencies and customer satisfaction during rapid expansion.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Shipt and gather other critical business insights. Sign up for free and start leveraging these powerful tools today.
