AfterShip, a Hong Kong startup that offers shipment tracking solutions for e-commerce retailers and shoppers, has closed $66 million in a Series B round led by US investment firm Tiger Global Management.
GL Ventures, the venture capital (VC) arm of Asia-focused private equity (PE) major Hillhouse Capital, also participated in the new round, said the Chinese investment bank Lighthouse Capital, which served as the exclusive financial advisor of the deal, in a WeChat post on Friday.
AfterShip will use the fresh proceeds to expand its international business, develop new products, and further expand its US market.
In May 2014, the startup had announced the completion of its $1 million Series A round from IDG-Accel.
Founded in 2012 by Teddy Chan, Andrew Chan, and Dante Tsang, AfterShip’s Software-as-a-Service (SaaS) solutions help e-commerce merchants and consumers track shipments made through over 800 carriers worldwide.
Currently, with a team of over 200 employees, AfterShip has developed a matrix of products including a namesake tracking solution for e-commerce businesses; multi-carrier shipping software Postmen; Returns Center, which offers consumers with self-service return experience, and more.
The startup partners with about 10,000 companies, including some of the world’s biggest e-commerce firms like Shopify, Amazon, eBay, Lazada, Wish, Groupon, Magento, Squarespace, Etsy, and retail brands like HP, Harry’s, and Dyson. It claims to handle more than six billion shipments each year.
“AfterShip leads the charge in making the shipping process more transparent and reliable for consumers and companies alike. As growth in e-commerce spirals ever upward, we are excited to partner with AfterShip and its leadership team as they continue to advance technology in this critical and expanding industry,” said Wang Pengfei, global partner at Tiger Global, cited in the post.
