Sendle closes $5 million Series A round led by Full Circle Venture Capital to expand its reach
Delivery startup Sendle has today announced the closing of a $5 million Series A round led by Full Circle Venture Capital, with participation from investors including Black Sheep Capital, rampersand, Giant Leap, and existing investor NRMA.
Bringing the total raised by the startup since its 2014 launch to over $8 million, the fresh funding will go towards accelerating Sendle’s growth and expanding its service to reach more small and micro-businesses.
James Chin Moody, cofounder and CEO of Sendle, said the startup is “thrilled” to have the backing of like-minded investors who share its vision for the future.
“We have a number of new products in the pipeline, as well as a series of partnerships that we’re excited to announce over the coming months,” he said.
The startup, which has made the focus of its door to door service pick up rather than delivery, reported that it has grown “faster than expected” since launch, now facilitating $100 million in small business commerce annually.
Australia’s first carbon-neutral delivery service, Sendle’s growth has been fueled by a number of big name partnerships with the likes of NAB, Etsy, the NRMA, and Virgin Velocity. These partnerships are helping to expose the service to a broader audience, with the NAB and NRMA partnerships, for example, giving NAB and NRMA small business customers free access to Sendle Premium accounts and $1 off every delivery for 12 months.
The startup also last month launched a new offering, Sendle Satchels, to give small businesses a more convenient and cheaper way to send parcels weighing between 500g to 25kg around Australia. This service is available from $6.95, traditionally a price point that could only be reached if buying pre-purchased satchels in bulk from the post office.
Rowan Grant, partner at Full Circle Venture Capital, said the firm was attracted to the strong growth of the startup, pushed by one of the most impressive management teams it has encountered in a startup.
Giant Leap chief investment officer Will Richardson echoed this thought, saying that the firm chose to invest due to Sendle’s “stellar” management team and how it goes about doing business.
“Key to Giant Leap’s decision to invest in a 100 percent carbon neutral delivery service was that Sendle demonstrates that business can be a force for good. As a certified B Corporation ourselves, we are proud to back Sendle at this crucial stage of its journey,” he said.
The funding will up the ante in what is already a competitive market, with legacy player Australia Post and fellow players Shippit and Zoom2u also working in the space. Raising $2 million in funding so far this year, Zoom2u recently announced its expansion into Perth, Canberra, and Adelaide, while Australia Post partnered with Shippit in May.
Image: Jim Cassidy, rampersand; Simon Martin, Sendle; James Chin Moody, Sendle; Adam Milgrom and Amanda Goodman, Giant Leap; Rowan Grant, Full Circle Venture Capital. Source: Supplied.