Shipping and communications services producer Neopost has provided A$50m ($38.4m) in series B funding for Australia-based e-commerce logistics company Temando, taking a majority stake in the process.
Founded in 2009, Temando is looking to incorporate the world’s logistics information into a single platform, enabling e-commerce companies to compare delivery options by price, service type, reliability and speed.
Neopost’s investment will be used by Temando to fund product development and geographical expansion. Temando will also harness France-based Neopost’s international resources to penetrate the North American, UK and French markets.
Denis Thiery, chairman and CEO of Neopost, said: “Our investment in Temando further expands our portfolio of fast-growing activities in communication and shipping solutions.
“It provides us with technologies that complement our existing offering in shipping management, especially e-commerce, compliance control and full landed costs. This transaction is a unique opportunity to extend our footprint among online retailers and fulfilment service providers.”
The series B round follows a A$1m seed round raised in 2011 and a A$5m million series A investment by fund manager Ellerston Capital the following year.