Below is our recent interview with Jan Bednar, CEO at ShipMonk:
Q: Could you provide our readers with a brief introduction to ShipMonk?
A: ShipMonk is a third-party logistics provider specializing in facilitating the sustained growth of eCommerce businesses of all sizes by fusing powerful order, inventory, and warehouse management technology with enterprise-level order fulfillment and warehousing services. With facilities strategically located across the U.S. and plans for international expansion, ShipMonk enables SMBs and mid-market companies everywhere to devote time to the things that matter most when it comes to scaling their operations.
ShipMonk was started in 2014 and, since then, we have amassed several accolades honoring our growth, innovation, technological capabilities, customer service, and status as a great place to work. This includes being named on the Inc. 5000 List of Fastest-Growing Companies in North America for three years in a row, and appearing on the Deloitte’s Technology Fast 500 for two years in a row.
Q: What is your main advantage?
A: Our main advantage, and what has allowed us to stay so competitive in this market, is our expert blend of powerful technology, premium warehousing services, and top-notch customer service in an entirely user-friendly package. There’s no guesswork with us — not only is our software simple to use and our services easy to understand, but we maintain complete transparency in everything from our pricing structure to our SLAs. And, if our merchants do have any questions or concerns, we have an expert team ready to help at the drop of a hat.
Q: You’ve recently raised $290,000,000 in private equity funding. Can you tell us something more?
A: Led by global growth investor Summit Partners, we raised $290 million in growth equity funding. The financing represents a minority stake in the business and will help fuel:
· Global expansion starting with opening a flagship European warehouse in Q2 of next year and a South Central warehouse in the U.S.
· The reinforcement all of our solutions to provide even tighter SLAs and quality of service for merchants as we continue to scale
· Product and service enhancements to assist in business-to-business fulfillment solutions and serve the evolving needs of our customers
· The continuation of our technological investments through R&D and warehouse automation to provide a boundless scalable solution for the world’s fastest-growing businesses
· The scaling of the ShipMonk team in all locations in order to better serve the needs of our merchants and create an infrastructure for what’s to come in 2021
In terms of the vision for ShipMonk, it remains the same. We are on a mission to create a completely scalable global platform for DTC brands to compete with large companies, and to provide them with the technology tools and complete supply chain management solutions they need to accelerate their growth even more.
Q: Do you have any particular advice for startups planning to raise capital?
A: My biggest piece of advice would be to stay true to your mission. It’s easy to get sidetracked, but what makes your business unique is what will make others interested in investing in it.
My second biggest piece of advice would be to dot your i’s and cross your t’s when it comes to data, metrics, and any and all information that your investors will need on hand. The fact that your business is doing awesome isn’t enough — you’ll need to back that up on paper, too.
Q: What can we expect from ShipMonk in the next six months? What are your plans?
A: We have big plans for 2021 and beyond. For one, we’re going global! We expect to open a flagship European warehouse within a year, as well as another strategically-located facility somewhere in the South Central region of the United States.
Our merchants will also have plenty of reasons to celebrate as we work on creating tighter SLAs, enhancing our product and service offerings, and investing in automated technology for a seamless, scalable solution for eCommerce businesses everywhere.