Shipt, a member-based on-demand grocery delivery marketplace, recently acquired more than $20 million in Series A funding. This funding comes at a time of torrid growth for Shipt, which expects to use the investment to break into new markets and to align itself with a broader spectrum of retailers. Founder and CEO, Bill Smith, commented, “Over the past year, we have laid a strong foundation for our business and scaled our service across the country. This funding is the catalyst that will propel us to the next level. We are ready to put this funding to work to continue building the best way to buy groceries.”
Shipt’s expeditious growth, recurring revenue, and talented team attracted the attention of venture capital groups Greycroft Partners, e.ventures, and Birmingham’s Harbert Growth Partners which all contributed to the Series A funding. “Under CEO Bill Smith’s leadership, Shipt has quickly evolved from a Birmingham start-up to a nationally recognized tech platform,” remarked Bob Crutchfield, general partner at Harbert Growth Partners. “We have enjoyed watching Shipt’s growth over the past year, and are pleased to play a role in continuing the accelerated growth of the company as they expand to additional markets across the nation.”
“This most recent round of funding is decidedly large for a Series A which shows the tremendous confidence the market has in Shipt. On a broader perspective, this points to the continued ascension of successful entrepreneurial startups in Birmingham and in the Southeast, generally,” said Zane Tarence, Managing Director at Founders Investment Banking. “We are thrilled that Bill and his team were able to secure this level of growth capital from such a strong group of VCs. We’ve enjoyed acting as a sounding board over the past year, and as users of the service, we’re excited to watch the continued expansion and evolution of the business.”
Shipt delivers fresh groceries from local grocery stores through a community of shoppers and a convenient app. Actively delivering to 29 cities across the country, Shipt is the nation’s fastest-growing online grocery marketplace. Shipt offers unlimited grocery deliveries for $99 per year. The company has offices in Birmingham and San Francisco. For more information, visit Shipt.com.
About Founders Investment Banking, LLC
Founders Investment Banking is a merger and acquisition advisory firm based in Birmingham, Alabama. Its team’s proven expertise and process-based solutions help companies and business owners access capital and prepare for and execute liquidity events to achieve specific financial goals. The firm focuses on SaaS/software, Internet, digital media, oil and gas, industrials, manufacturing, and healthcare companies. For more information, visit www.foundersib.com. In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founders M&A Advisory, LLC, both members of member FINRA & SiPC. M&A Securities Group and Founders are unaffiliated entities. Founders M&A Advisory is a wholly-owned subsidiary of Founders. The testimonial presented herein does not guarantee future performance or success.