Sendle eyes overseas expansion with $20 million funding


Australia Post alternative grew customer base by 600 per cent in two years

Sendle eyes overseas expansion with $20 million funding
Neil Brown and James Chin Moody

 

Courier service Sendle has raised AU$20 million in a Series B funding round "to accelerate growth, double down on its challenge against [Australia] Post, and begin exploration into international markets", it says.

Launching four years ago as an alternative to Australia Post and positioning itself as a carbon neutral door-to-door delivery service at affordable rates, Sendle notes its customer base has grown by more than 600 per cent in the last two years.

The funding round was led by Federation Asset Management, alongside Full Circle Venture Capital, Rampersand and Giant Leap as returning investors, with the funds to go towards new product launches, partnerships, and expansion.

"We exist to offer a cheaper and convenient alternative to Australia Post — a 200-year-old functional monopoly that has remained largely unchallenged up until now. The new funding will ensure that we’re well resourced to ramp up our ‘Post without the Office’ fight in 2019 to educate the market about their options," Sendle CEO and co-founder James Chin Moody says.

"We’re thrilled to have the support and backing of Federation, not only because it is founded by some of Australia’s most experienced investment professionals, but also because of our shared vision for business that serves the community and the environment.

"The new funds will go towards extending that impact for even more small businesses in Australia, and hopefully, around the world."


Read about Sendle and Toll's delivery deal, here


As part of its investment, Federation’s head of private equity Neil Brown will join the Sendle board.

"James and the team at Sendle are solving a critical issue for their customers in the fast-growing SME eCommerce sector with their innovative business model, and we are excited by their prospects for strong continued growth in Australia and abroad," he says.

"The Federation and Sendle teams have the shared goal of achieving commercial success for the business and its customers, with sound Environmental, Social and Governance underpinnings, and we are proud to be involved in this next exciting stage for the business."

 

You can also follow our updates by joining our LinkedIn group or liking us on Facebook