AfterShip Secures $66 Million Series B Funding

Initially founded in 2012, AfterShip began as a solution for online retailers to monitor package deliveries across various shipping companies. However, the company has since evolved, developing a comprehensive collection of data analytics applications. These tools now address nearly all aspects of the customer journey, encompassing email marketing and customer loyalty programs.

The Hong Kong-based startup recently announced the successful completion of a $66 million Series B funding round. This round was spearheaded by Tiger Global, with additional investment from Hillhouse Capital’s GL Ventures.

Growth and Profitability

AfterShip’s previous funding event was a $1 million Series A round secured in 2014. Co-founder Andrew Chan revealed to TechCrunch that the company has maintained profitability since its inception. Growth was primarily driven by positive word-of-mouth and strategic alliances, notably its integration with Shopify, which significantly enhanced its visibility.

The company has recently expanded its team with a dedicated sales force. The newly acquired capital will be allocated to international recruitment for both sales and customer support roles. Furthermore, plans are in place to introduce new products and strengthen its presence within the United States, currently representing approximately 70% of AfterShip’s customer base.

Extensive Carrier Network and Client Base

The company’s software facilitates shipment tracking through a network of over 740 carriers. It currently processes more than 6 billion shipments annually.

AfterShip collaborates with around 10,000 businesses, including prominent e-commerce platforms. These include Shopify (utilized by 50,000 merchants), Magento, Squarespace, Amazon, eBay, Etsy, Groupon, Rakuten, Wish, and well-known retail brands like Dyson and Inditex.

A branded shipment tracking page and email created with AfterShip’s software. Image Credits: AfterShip

Beyond Tracking: A Suite of E-commerce Tools

While AfterShip’s primary offering is its shipment tracking platform, it also provides applications for consumers. These include self-service return options and package monitoring. Merchants benefit from sales and marketing tools that leverage shipment data for enhanced insights.

Chan highlighted that package tracking serves as a valuable user engagement mechanism. Sellers can utilize this to display additional product recommendations and promotional offers to customers. AfterShip’s tools empower merchants to design customized, branded tracking pages and notifications.

Additional functionalities enable merchants to evaluate carrier performance, implement email marketing campaigns, and improve customer retention rates.

Differentiating Through CRM Capabilities

The company’s integrated CRM features set AfterShip apart from other shipment tracking aggregation services.

“Our vision is to emulate the impact of Salesforce within the e-commerce sector, providing a comprehensive platform for sales teams,” Chan stated.

Industry Recognition and Future Outlook

Pengfei Wang, a global partner at Tiger Global, commented in a press release, “AfterShip is at the forefront of enhancing shipping transparency and reliability for both consumers and businesses. Given the continued surge in e-commerce growth, we are thrilled to collaborate with AfterShip and its leadership team as they continue to innovate within this vital and expanding industry.”

This investment positions AfterShip for continued expansion and innovation in the rapidly evolving e-commerce landscape.