Passport Lands $39 Million Series B

<p><strong><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;strong> &&num;8212&semi; Passport&comma; an international shipping carrier built for cross-border e-commerce&comma; has announced <span class&equals;"xn-money">&dollar;39 million<&sol;span> in new Series B funding&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>The round is led by TCV&comma; with participation from new investors including Flexport&comma; FJ Labs and Pure Imagination as well as industry angels including Nik Sharma CEO of <span class&equals;"xn-person">Sharma Brands<&sol;span>&comma; Kitsch founders Cassandra and Jeremy Thurswell&comma; Shopify&&num;8217&semi;s former VP of Shipping Louis Kearns&comma; Jeremy Cai CEO of Italic and Sid Gupta CEO of Quince&period; The round has also garnered participation from existing investors including M13&comma; Resolute&comma; and River Park Ventures&period; Since its inception in 2017&comma; Passport has raised a total of <span class&equals;"xn-money">&dollar;54 million<&sol;span>&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>&&num;8220&semi;These funds allow us to do two big things&period; The first is to further develop our software-based infrastructure for cross-border e-commerce and secondly&comma; to expand on our recent acquisition of Access Worldwide by building out our physical logistics capabilities&comma;&&num;8221&semi; said Passport Co-Founder and CEO <span class&equals;"xn-person">Alex Yancher<&sol;span>&period; &&num;8220&semi;We&&num;8217&semi;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&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Direct to consumer brands&comma; marketplaces and e-commerce 3PLs rely on Passport for their international shipping needs&period; Many top e-commerce merchants including Kylie Beauty&comma; Bombas&comma; Native&comma; Ritual and Seed&period;com depend on Passport to handle their cross-border shipping services that include&colon; door-to-door international parcel shipping with competitive rates and transit times to more than 150 countries&semi; international regulatory&comma; duty and tax compliance including a duty and tax calculator for Shopify&comma; BigCommerce and WooCommerce&semi; international returns&semi; high-touch customer support&semi; and accurate door-to-door milestones on a branded tracking page&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Before Passport&comma; international shipping was a nightmare&comma;&&num;8221&semi; said <span class&equals;"xn-person">Jonathan Bayme<&sol;span>&comma; CEO at Theory11&comma; a producer of luxury designer playing cards&period; &&num;8220&semi;Now&comma; it&&num;8217&semi;s a dream &&num;8212&semi; making it easy and effortless for Theory11 to expand into new countries with lower cost&comma; faster delivery times&comma; and rapid support&period; Our customers are happy&comma; and their packages arrive more quickly for less cost&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;Prior to the pandemic&comma; cross-border sales were approximately <span class&equals;"xn-money">&dollar;780 Billion<&sol;span>&comma;&&num;8221&semi; said TCV General Partner Gautam Gupta&period; &&num;8220&semi;That number is expected to grow to nearly <span class&equals;"xn-money">&dollar;5 Trillion<&sol;span> by 2026 thanks to innovations from logistics leaders including Passport&period;&&num;8221&semi;<&sol;p>&NewLine;<&sol;div>&NewLine;