Fulfillment logistics startup ShipMonk Raises $290 million

By Jane Lanhee Lee

Dec 2 (Reuters) - ShipMonk, a startup based in Florida that helps small and medium-sized businesses ship directly to consumers, said on Wednesday it raised $290 million in its latest round of funding as the pandemic gives e-commerce a boost.

The round was led by Summit Partners, and Goldman Sachs & Co LLC was the financial adviser to ShipMonk. The company declined to share its valuation, saying only that the financing represents a minority stake in the business.

The funds will be used to accelerate ShipMonk's growth in the U.S. and expand business overseas, ShipMonk founder and Chief Executive Jan Bednar told Reuters by phone. He said the funds also would be used for research and development to automate warehouses and lower labor costs.

Bednar said ShipMonk will have about $140 million in revenue this year, more than doubling from last year. He said the pandemic has accelerated small businesses to go online.

"I think there's definitely been a major push in the market for people to shop more from smaller independent retailers," he said. (Reporting by Jane Lanhee Lee; Editing by Leslie Adler)