Shipwire Delivered $4M Series A
VentureWire, October 29, 2007
Shipwire Inc. Chief Executive Damon Schechter wrote the book on delivering the goods. Seriously, he literally wrote a book called “Delivering the Goods: The Art of Managing Your Supply Chain.” Now, with a fresh $4 million round of venture funding, Shipwire is helping small business owners deliver their goods.
The Series A round was led by Meakem Becker Venture Capital. Managing Directors David Becker and Glen Meakem have also joined the Shipwire board of directors.
The funding will fuel the expansion of Shipwire’s service offerings and global warehouse operations.
“What we’re doing has been done for hundreds or thousands of years,” Schechter said. “It’s not novel, the idea of storing and shipping. What is novel is not requiring small businesses to learn the whole industry.”
A merchant can arrange for Shipwire to store its merchandise, let buyers place orders on the business’ existing Web site, and then have Shipwire pack up and ship those orders directly to buyers on behalf of the merchant. Shipwire handles all the behind-the-scenes logistics from its network of warehouses.
Based in Sunnyvale, Calif., the company has warehouses in Los Angeles and Chicago. Monthly fees range from $29.95 per month for the starter service, to more customized plans to meet specific company needs.
Schechter said Meakem Becker will play an active and strategic role in guiding Shipwire’s growth. Meakem and Becker were previously CEO and COO of FreeMarkets Inc., a provider of Internet software for automating companies’ sourcing processes. Becker also spearheaded the team behind the information network that became the backbone of Dole Latin America’s logistics and supply chain management systems.