ShipMonk's $290M round led by Summit Partners
Summit Partners’ Chelsea Jurman helps guide the firm into a sizable financing for a provider of direct-to-consumer fulfillment and technology solutions. Summit led ShipMonk’s $290 million growth equity round.
Based in Fort Lauderdale, Fla., ShipMonk has developed inventory management software, automation technology and multi-channel order fulfillment solutions that are aimed at helping growing businesses scale more quickly. The company will use the capital for R&D, hiring, the development of B2B fulfillment capabilities and international expansion. Founded in 2014, it serves more than 1,000 e-commerce businesses and is on course to generate more than $140 million in revenue in 2020.
In conjunction with the financing, Chelsea joined ShipMonk’s board. She is a vice president on Summit’s growth products and services team and was involved earlier this year in the firm’s investment in Brooklinen, an accessible-luxury home essentials retailer co-founded by Vicki Fulop and her husband, Rich Fulop. Prior to Summit, Chelsea worked in the technology business unit of the global investment research division at Goldman Sachs.
Earlier this year, Summit closed its fifth growth stage fund at $1 billion. Founded in 1984, Summit is currently managing more than $21 billion. It has invested in more than 500 companies in technology, health care, consumer, financial and business services. Summit has offices in Boston, London and Menlo Park.