Proceeds Will Fuel Passport’s Product and Supply Chain Development,Further the Company’s Vision of Helping Brands Reach Their Global Potential
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.
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“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.”
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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.”