Friday Fundings: Shipmonk, Olive, and Bizzabo

ShipMonk Raises $290 Million for E-Commerce Logistics

At a moment of explosive e-commerce sales growth, direct-to-consumer fulfillment company ShipMonk is poised to expand. ShipMonk secured a $290 million equity investment from Summit Partners, money the company plans to use to multiply revenue tenfold. ShipMonk manages picking, packing, and shipping products to reduce overhead and expedite services for direct-to-consumer merchants.

On Black Friday this year, online spending was up 22% to $9 billion. ShipMonk’s revenue has doubled every year since the company’s 2014 founding, so it has been bootstrapped and profitable from the beginning. The company will use this round of funding to expand its team and build new operations centers.

Olive’s AI Healthcare Workforce Valued At $1.5 Billion

Artificial intelligence healthcare firm Olive raised $225.5 million in financing to expand product development, which raises its total valuation to $1.5 billion. Olive is a startup that specializes in building interconnected bots for the healthcare industry. The bots can aid employees in data-heavy areas like accounting, supply chain logistics, pharmacy work, and insurance.

According to CEO Sean Lane, Olive “looks like a human working really fast on the screen” when “she” is in action. The company plans to announce new product developments and features for Olive at some point next year.

Bizzabo Raises $138 Million For Virtual Conferences

Before the coronavirus hit, the conference industry was worth $1 trillion annually. These days, some wonder if crowded conference centers might be a thing of the past. But Bizzabo has a plan to bring conferences back. The startup raised $138 million for a platform that will help organizers plan, sponsor, and run both virtual and in-person conferences. Bizzabo’s revenue is up 100% this year, and the company’s executives hope that growth will continue as a coronavirus vaccine makes more in-person events and hybrid events possible.

Bizzabo says its research suggests 2021 will be the year of the hybrid conference, with some attendees at home on a computer screen and others present in real life. This new round of funding will help the company improve its product and user experience, while also growing its engineering team and opening new offices.

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