Shipt, online grocery marketplace has raised funds of $40 Million in Series B round. This investment was led by Greycroft Partners. Along with them, e.ventures and Harbert Venture Partners also participated in the round. This round follows a $20 Million Series A round of financing which was closed less than one year ago. The venture is also considered as the nation’s fastest growing online grocery marketplace.
On the investment, Ian Sigalow, Co-Founder, and Partner at Greycroft, said:
At Greycroft, we invest in talented entrepreneurial teams who are attacking big problems. Shipt set out to transform the way people think about grocery shopping, and in the process they turned a service that was previously available to only a small subset of the population into an affordable luxury for millions of households. The company has shown an impressive ability to scale as it expands to new markets, and most importantly, it does a phenomenal job of retaining and delighting customers, which is the key factor in every young business
Commenting on the company, Mathias Schilling, Managing Partner at e.ventures, said:
Shipt has quickly become a staple in many homes across the country. The company’s rapid growth, winning business model and team, and commitment to delivering a superior customer experience have positioned it as a leader in the grocery delivery market. We look forward to ongoing collaboration with Shipt as we work towards continued scale and success
Founded and launched in 2014 after CEO and founder Bill Smith, Shift partners with leading retailers to deliver groceries via a community of shoppers and a convenient app. The company is claimed to have rapidly expanded. At present, the company claims to offer quality, personalized grocery delivery to over 20 million households in nearly 50 markets across the country.
On the development, Bill Smith, Founder, and CEO, Shipt, said:
Grocery shopping is one of those activities that everyone has to do, but often feels like a chore. Shipt’s goal is to give people back the hours they would normally spend at the grocery store so that they can focus on the things that matter most to them.
Further adding to that, he said:
Not only is our mission to simplify life for our members, we also aim to create flexible, enjoyable opportunities for our team of thousands of Shoppers. We know that our team’s passion and dedication to providing delightful service is a major key to our success
Through the Shipt app, members are able to browse a selection of groceries, household goods and alcoholic beverages offered by retailers that partner with the company. The app allows members to note any preferences, choose a one-hour delivery window and pay for their order, all through one seamless shopping experience.
Shipt offers unlimited grocery deliveries to members for $99 per year. The company currently has offices in Birmingham, AL and San Francisco, CA. The company has previously raised a $20M Series A round led by Greycroft Partners, e.ventures, and Harbert Growth Partners. Prior to that, the company raised a $3M Seed Round.
The company aims to provide service in 100 metro areas within the next year, giving more people with access to grocery delivery.