Passport, an International Shipping Carrier Built for E-Commerce, Raises $39M in Series B Funding

Profits will fuel Passport’s product and supply chain development,Pursuing the company’s vision of helping brands reach their global potential

SAN FRANCISCO, January 25, 2022 /PRNewswire/ — Passport, an international shipping carrier designed for cross-border e-commerce, today announced $39 million in a new Series B financing.

Passport Shipping is an international shipping carrier designed for cross-border e-commerce.

The round is led by TCV, with participation from new investors including Flexport, FJ Labs and Pure Imagination, as well as industry angels including Nik Sharma, CEO of Sharma Brands, Cassandra and Jeremy Thurswell, founders of Kitsch, Louis Kearns, former vice president of Shopify, CEO of Italic and Sid Gupta, CEO of Quince. The round has also attracted participation from existing investors including M13, Resolute and River Park Ventures. Since its creation in 2017, Passport has raised a total of $54 million.

“These funds allow us to do two big things. The first is to further develop our software infrastructure for cross-border e-commerce and, second, to grow our recent acquisition of Access Worldwide by strengthening our physical logistics capabilities,” said Passport Co-Founder and CEO. Alex Yancher. “We are building a modern international shipping solution that combines best-in-class technology with best-in-class logistics and this investment is helping us get there faster.”

Direct-to-consumer brands, marketplaces, and e-commerce 3PLs rely on Passport for their international shipping needs. Many leading e-commerce merchants, including Kylie Beauty, Bombas, Native, Ritual, and Seed.com, depend on Passport to manage their cross-border shipping services, including: international door-to-door parcel shipping with competitive rates and transit times to over 150 countries; international regulatory, customs and tax compliance, including a duty and tax calculator for Shopify, BigCommerce and WooCommerce; international returns; high level customer support; and accurate door-to-door milestones on a brand tracking page.

“Before Passport, international shipping was a nightmare,” said Jonathan Bayme, CEO of Theory11, a producer of luxury designer playing cards. “Now it’s a dream – making it easy and effortless for Theory11 to expand into new countries with lower costs, faster delivery times and fast support. Our customers are happy and their packages arrive faster cheaper.”

According to the round’s lead investor, Passport is well positioned to capitalize on a rapidly emerging global market.

“Before the pandemic, cross-border sales were around $780 billion“, said TCV general partner, Gautam Gupta. “This number is expected to reach almost 5 trillion dollars by 2026 thanks to innovations from logistics leaders including Passport.”

About TCV
Founded in 1995, TCV was created with a clear vision: to seize technology market opportunities with a specialized and consistent focus on investing in high-growth companies. Since its inception, the company has built a reputation for successfully supporting private and public companies that have become dominant industry players in internet, software, FinTech and enterprise computing. TCV has invested over $15 billion to date and has helped guide CEOs through more than 135 IPOs and strategic acquisitions. TCV has invested in leading tech companies including Airbnb, Cradlepoint, HashiCorp, Netflix, Peloton, Silver Peak, Spotify, Vectra AI, and more. TCV has successfully completed more than 350 investments of various structures, including mid-stage, late-stage and state-owned enterprises, and has offices in Menlo Park, New Yorkand London. For more information on TCV, including a full list of TCV investments, visit tcv.com.

About the passport
Founded in 2017, Passport is an international shipping carrier designed for e-commerce brands, marketplaces and 3PLs. The company handles all the complexities associated with international shipping so brands can stay focused on their core business. More information about the company can be viewed online at https://passportshipping.com

MEDIA CONTACT:
Dan Branley206.914.1231
[email protected]

Alex Yancher, co-founder and CEO of Passport Shipping.

Alex Yancher, co-founder and CEO of Passport Shipping.

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SOURCE Passport Expedition

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