With participation from Cathexis Ventures, Wavemaker Partners, Taurus Ventures, Capital X, and Sketchnote Partners, Shipmates, a Philippine-based shipping network supported by Y Combinator, has secured US $2.2 million in a seed fundraising round.
Shipmates is an on-demand shipping platform that was introduced in 2021 and enables internet businesses to compare costs and book shipments in bulk from several carriers. Currently, the business collaborates with Lalamove, Borzo, Grab, XDE, Entrego, and J&T.
“Instead of shippers booking couriers manually on their phones or physically dropping off packages, their orders feed straight into Shipmates, and they can pick a courier for shipping from there,” Shipmates CEO Josh Supan said.
The additional funding will enable the business to expand its platform in order to accommodate more Filipino retailers and advance the nation’s shipping infrastructure.
Shipmates was a member of the Iterative startup accelerator’s Summer 2021 cohort, which is situated in Singapore. Additionally, the shipping aggregator received early investment from Silicon Valley’s Y Combinator for US $500,000.
E-commerce in the Philippines was the main driver of the country’s online economy in 2021, contributing $12 billion in US dollars.
