ImpactAlpha, November 6 – SJF Ventures led logistics tech firm ShipMonk’s $10 million Series A round, citing the company’s support for small businesses and job creation in “economically distressed areas of Fort Lauderdale and Los Angeles.”
ShipMonk provides inventory software and online order fulfillment services to small and mid-size businesses. The company’s mission is to “help small and medium-sized businesses scale by [enabling] business founders to devote more time to the things that matter most in their businesses.” The company has also created 200 jobs in the Fort Lauderdale area, where it’s based, and in Los Angeles.
Like ShipMonk, tech startups in other markets that are helping small businesses grow online while creating new jobs have been successful in raising investment capital—particularly ones based in rapidly growing e-commerce markets like Brazil and India. In May, Brazil’s Mandaê raised $7.1 million for its shipping service for small business, while Mumbai-based package delivery company Hey Deedee raised pre-seed capital in June.
ShipMonk is SJF Venture’s first investment in Florida. Grotech Ventures and Supply Chain Ventures also backed ShipMonk’s Series A round.
