Posted September 23, 2018 03:14:04A startup that is looking to take logistics to the next level has raised $3.5 million in a Series A round led by venture capital firm Sequoia Capital.
The $3 million in seed funding, led by Sequoias founding investor Peter Thiel, will allow Lipsey to expand its logistics business to other sectors such as retail and consumer, the company said in a statement.
The company plans to invest in expansion, expanding into new markets, and to take advantage of a global network of logistics partners.
“Lipsey’s mission is to connect the dots of logistics and give consumers and businesses the flexibility to take care of their own business needs,” the company wrote.
“We’re excited to expand the scale of our operations to meet the demands of a rapidly changing consumer and business landscape.
Lipsey has a deep track record of delivering on its promise, and we look forward to continuing to be part of the journey,” Sequoial Capital Managing Director, Justin Cohen, and Sequoian Vice President, Peter Thiel wrote in a joint statement.
Lipseys team of engineers, product managers, marketers and logistics experts are working on the new business.
Liptsey has raised a total of $25 million from more than 40 investors including Sequoion Capital, Fidelity, BMO Capital Markets, and others.
It has raised over $5.5 billion in venture capital funding.
The startup says its products and services enable companies to move goods quickly and safely across borders and in-person stores, and improve efficiency.
“Our mission is a blend of technology and technology-based innovation that delivers tangible benefits to our customers and our employees,” the team wrote.LIPSEYS CEO, Justin Cohens:The startup, founded in 2016, aims to improve the lives of consumers and small businesses by enabling them to be more efficient in their logistics efforts.
“When we build products and technologies to help businesses and consumers better manage their logistics, we’re also building a more transparent, better and more efficient economy, a world that is more efficient and fair for all,” Lipsey said in its press release.
“There are many challenges ahead for our customers as we expand our product offering to meet a rapidly evolving world and to meet growing consumer demand for products and service delivered by trusted companies that are based in the United States,” the statement said.