The funds will be used for large-scale deployments and industry vertical expansion.
Australian-listed logistics management software company GetSwift has announced raising more than AU$24 million from a consortium of local and international investors including IFM Investors, Thorney Investment Group, and Regal Funds.
It is the first raise since GetSwift’s AU$5 million initial public offering more than six months ago.
The Melbourne-based company will issue more than 30 million shares at 80 cents per share in a two-tranche equity placement.
GetSwift will hold approximately AU$29 million in cash upon the completion of the placement.
The company, which recently moved its global headquarters back from New York to Melbourne, will use the funds to support large-scale deployments, as well as expansion into new industry verticals such as defence, healthcare, and manufacturing.
Founded in 2015, GetSwift is a last-mile logistics management that is being used in 61 industry verticals and 520 cities across 69 countries. Operating on a software-as-a-service model, GetSwift optimises delivery routes, automates the delivery dispatch process, and provides real-time tracking alerts for both the sender and the receiver via mobile devices.
GetSwift’s first major enterprise customer was Instacart in 2015. It has since worked with Quick Service Restaurant Holdings (QSRH) in Australia, which owns Red Rooster, Oporto, and Chicken Treat; hardware retailer Mitre 10; UK-based JustEat, which now owns two of Australia’s largest online food ordering businesses Menulog and EatNow; Australian food and beverage distributor Lion Nathan; and US pizza chain Little Caesar’s, which does not offer delivery services in the US, but chose to do so in Australia.
The company also recently signed exclusive partnerships with Pizza Hut, as well as the Commonwealth Bank of Australia (CBA) for GetSwift to be integrated into CBA’s payment terminal Albert used by retail merchants.
“This integration will take delivery from being a fringe benefit to a norm for Australian retail, ” GetSwift executive chairman Bane Hunter said in April.
“For vendors, it’s a cost-effective way of tackling the threat from Amazon, Foodora, UberEats, Deliveroo, and other global technology companies attempting to capture this space, and charge retailers a significant premium for the benefit of what is becoming an expected service.”
Earlier this year, GetSwift appointed former Qantas CIO Jamila Gordon — who has also worked with the likes of IBM, Deloitte, and GIO Insurance — as its global CIO.
