Connect with us

Hi, what are you looking for?

News

PHL startup Shipmates raises P125M to improve shipping platform

PHILIPPINE-based startup Shipmates said it has raised $2.2 million (P125 million) for the improvement of its shipping platform that assists online small and medium businesses.

In a statement on Thursday, Shipmates said it was able to raise the fund through a seed funding round participated by Cathexis Ventures, Wavemaker Partners, Taurus Ventures, Capital X, Sketchnote Partners, and other investors.

“The company plans to scale its platform to be the preferred shipping tool of all the merchants in the Philippines and improve the country’s shipping infrastructure by helping both online businesses and shipping companies,” Shipmates said.

Prior to the recent seed funding round, Shipmates was able to raise $500,000 (P25 million) in seed funding from United States-based startup incubator Y Combinator.

“When talking to online sellers, their biggest pain point has always been how manual shipping still is in our country. We built Shipmates to automate this, we built Shipmates for them and we are very glad to be joined by our amazing investors in making this vision a reality,” Shipmates Chief Executive Officer Josh Supan said.

“Instead of shippers booking couriers manually on their phones or physically dropping off packages, their orders feed straight into Shipmates, and they can pick a courier for shipping from there,” he added.

Further, Mr. Supan said that nine courier companies are currently integrated into the platform, adding that Shipmates is the only aggregator that has on-demand and standard couriers in the Philippines.

“Before Shipmates, it took merchants one whole day to send out their orders. Now they can do it in less than 10 minutes with Shipmates. Key features such as automated waybills, address validations, and multiple couriers in one platform give online merchants more time for their business rather than stressing on deliveries,” Mr. Supan said.

“We target small and medium businesses who primarily sell online. Their basket sizes range from $20 to $50. We solve the nightmare of shipping manually in the Philippines,” he added.

Founded in July 2021, Shipmates helps e-commerce businesses grow by allowing online business owners to book standard or multiple orders. It also compares the shipping rates among different couriers.

“In 2021, the e-commerce market was the leading contributor to the internet economy in the Philippines, with an estimated gross merchandise value of $12 billion — a 132% increase from 2020. This is expected to hit $26 billion by 2025,” Shipmates said. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.