Hong Kong e-commerce tracking start-up secures $66m

The fresh capital will go towards recruitment, product development, and further expansion in the US, where 70% of the company's customers are located.

Launched in 2012, AfterShip helps online sellers track packages and has since launched a suite of products covering the full e-commerce process, from marketing and order management, to return and exchange services. More than 100,000 companies have used its software-as-a-serve (SaaS) products, among them Shopify, Amazon, eBay, Groupon, and Wish. Retail brands such as Lowe's, Wayfair, Siemens, Harry's, Wayfair, Dell, and HP are also customers.

AfterShip claims to have been profitable since 2014 by charging a service fee per order. It claims to have seen compound annual growth in excess of 100% since 2014, despite no spending on marketing or promotions. Billions of shipments are handled every year across more than 800 carriers.

The company has a staff of 200, located in Hong Kong, Shenzhen, the US, Europe, and India. Its product R&D center is located in Shenzhen and the relatively lower cost translates into product launch efficiency. AfterShip releases updates far more frequently than the industry average. AfterShip also absorbs elements of China's advanced e-commerce technology and application models.

Earlier this month, Xingyun Group, a China-based digital supply chain provider for cross-border e-commerce raised $600 million. While AfterShip targets overseas merchants, Xingyun started by serving domestic customers. It has also expanded beyond software, building a large offline logistics network.

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