SAN FRANCISCO, Jan. 25, 2022 /PRNewswire/ -- Passport, an international shipping carrier built for cross-border e-commerce, today announced $39 million in new Series B funding.
The round is led by TCV, with participation from new investors including Flexport, FJ Labs and Pure Imagination as well as industry angels including Nik Sharma CEO of Sharma Brands, Kitsch founders Cassandra and Jeremy Thurswell, Shopify's former VP of Shipping Louis Kearns, Jeremy Cai CEO of Italic and Sid Gupta CEO of Quince. The round has also garnered participation from existing investors including M13, Resolute, and River Park Ventures. Since its inception in 2017, Passport has raised a total of $54 million.
"These funds allow us to do two big things. The first is to further develop our software-based infrastructure for cross-border e-commerce and secondly, to expand on our recent acquisition of Access Worldwide by building out our physical logistics capabilities," said Passport Co-Founder and CEO Alex Yancher. "We're building a modern international shipping solution that combines best in class technology with best in class logistics and this investment helps us get there faster."
Direct to consumer brands, marketplaces and e-commerce 3PLs rely on Passport for their international shipping needs. Many top e-commerce merchants including Kylie Beauty, Bombas, Native, Ritual and Seed.com depend on Passport to handle their cross-border shipping services that include: door-to-door international parcel shipping with competitive rates and transit times to more than 150 countries; international regulatory, duty and tax compliance including a duty and tax calculator for Shopify, BigCommerce and WooCommerce; international returns; high-touch customer support; and accurate door-to-door milestones on a branded tracking page.
"Before Passport, international shipping was a nightmare," said Jonathan Bayme, CEO at Theory11, a producer of luxury designer playing cards. "Now, it's a dream -- making it easy and effortless for Theory11 to expand into new countries with lower cost, faster delivery times, and rapid support. Our customers are happy, and their packages arrive more quickly for less cost."
According to the round's lead investor, Passport is well-positioned to capitalize on a rapidly-emerging global marketplace.
"Prior to the pandemic, cross-border sales were approximately $780 Billion," said TCV General Partner Gautam Gupta. "That number is expected to grow to nearly $5 Trillion by 2026 thanks to innovations from logistics leaders including Passport."
About TCV
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing private and public businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $15 billion to date and has helped guide CEOs through more than 135 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Cradlepoint, HashiCorp, Netflix, Peloton, Silver Peak, Spotify, Vectra AI, and more. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit tcv.com.
About Passport
Founded in 2017, Passport is an international shipping carrier built for e-commerce brands, marketplaces and 3PLs. The company manages all the complexities associated with international shipping so brands can stay focused on their core business. More information on the company can be viewed online at https://passportshipping.com
