Shyp Raises $50 Million Series B Led By KPCB
It’s been an incredible year at Shyp. Since launching publicly in March of last year, we’ve expanded operations to New York City and Miami. After our highly-rated iOS app, we launched on the Android platform. We released new product features and experiences, from beautiful on-demand package tracking to Shyp Returns. And the product is resonating: tens of thousands of people have experienced the magic of Shyp. Since our last round of funding in July of 2014, our number of shipments have increased by nearly 500 percent, and customer growth remains steady, surpassing 20 percent month-over-month.
Today, we’re excited to share another milestone: we’ve raised a $50 million Series B round of funding led by Kleiner Perkins Caufield & Byers (KPCB), bringing our total funding to date to $62.2 million. Past Shyp investors Homebrew and Sherpa Ventures also contributed to the round, in addition to independent investors like entrepreneur Kevin Rose and Rent The Runway CEO Jennifer Hyman, among others.
KPCB General Partner John Doerr and Shyp CEO Kevin Gibbon
Legendary investor KPCB’s John Doerr – known for his investments in companies like Google, Amazon, Twitter and Uber – will join Shyp’s CEO Kevin Gibbon and Sherpa Ventures Managing Partner Scott Stanford on Shyp’s board of directors.
“Shyp has transformed shipping, delighting its users with the easiest way to send and return items to anywhere in the world,” said John Doerr, General Partner, KPCB. “Kevin and the Shyp team are creating the first on-demand, friction-free shipping and logistics company. We’re thrilled to be a part of it.”
The new capital will fuel Shyp’s continued growth as we expand the Shyp team, further develop our product and feature suite to solve new pain points (like we did with Shyp Returns) and expand nationally. To that end, we’re thrilled to share that our official beta program is live in Los Angeles. To sign up, visit www.shyp.com/LA.
“This is a momentous day for Shyp. We couldn’t have hoped for a better partner to counsel us as we creatively solve extremely complex problems than John Doerr and the team at Kleiner Perkins,” said Kevin Gibbon, CEO, Shyp. “What you’ve seen from Shyp to date is only the beginning and I’m thrilled for everyone to see what we do next as we move towards our goal of becoming the global standard in shipping.”
