In 2020, Shipwell™ saw 90% monthly revenue growth while tripling funds under management to more than $120 million, along with a 193% increase in SaaS revenue.
“Companies are responding to our mission to transform supply chains by replacing decades-old manual processes with real-time data and machine learning,” said Greg Price, Shipwell’s CEO and co-founder. “We’ve set the stage to further innovate on our product this year as we continue finding ways to reduce friction, deliver better business intelligence and drive continuous improvement.”
In May, Forbes named Shipwell a Forbes 2020 Next Billion-Dollar Startup, recognizing its innovation as the only platform that offers TMS, visibility and an integrated partner network in a fully connected logistics ecosystem. Shipwell also was recognized as a notable vendor in the 2020 Gartner Magic Quadrant for TMS and earned a spot on the FreightTech 25 for the second consecutive year.
Cloud-Based Solution Helps Shipping Customers Navigate Pandemic
Shipwell’s cloud-based solution kept ETS-Lindgren, a part of ESCO Technologies, Inc., running smoothly at a time when the COVID-19 pandemic exposed the outdated tools that many companies use to manage their supply chain.
“By taking advantage of Shipwell’s integrated capacity network and price forecasting tools, we were able to navigate challenges to our supply chain smoothly,” said Alice Chen, Director, Logistics, of ETS-Lindgren. “ESCO now plans to evaluate moving several of their companies to the Shipwell platform.”
Strong Financials Set the Stage for 2021 Growth
Shipment volume on the Shipwell platform tripled in 2020 to reach nearly 60,000 for the year. Monthly run-rates expanded to more than 6,500 shipments per month, as the number of total users on the platform surpassed 11,000.
Shipwell reported $41 million in revenue for 2020, and with $47 million in funding, is poised for a successful year to come.
Shipwell® is transforming the supply chain industry with a cloud-based shipping solution that grows with your business. Our connected SaaS platform combines the features and functionality of a TMS with advanced visibility and an integrated partner network in a simple solution that uses data analytics and workflow automation to maximize efficiencies and reduce total cost of ownership. Our innovative architecture delivers actionable, data-driven insights so customers can focus on high priority tasks, identify and resolve transportation issues, and quickly access capacity. From order management to financial reconciliation, Shipwell’s platform saves time, reduces cost, and optimizes the shipping experience throughout the entire supply chain. Shipwell is proud to be recognized as a notable vendor in the 2020 Gartner Magic Quadrant for TMS, as well as a Forbes 2020 Next Billion-Dollar Startup.