Inovia, Shopify back delivery startup Swyft in $22 million Series A round
Swyft, a Toronto-based digital logistics startup, has raised $22 million CAD ($17.5 million USD) in Series A funding in a round co-led by Inovia Capital and with participation from Shopify.
With just one year in-market after launching its offering, Swyft has seen positive momentum in its hometown and is now looking to replicate its same-day delivery model across Canada and into the United States.
“Where Swyft plays and wins is in that middle between next day and on-demand, and that’s where the largest market opportunity for e-commerce is also.”
– Aadil Kazmi
Swyft raises $17.5 million to bring same-day delivery to all the retailers that aren’t Amazon
Thanks to major players like Amazon and Walmart, we’ve become accustomed to next- or same-day delivery. But the pandemic has also renewed our interest in buying from smaller businesses and retailers.
Swyft, a company that has just raised $17.5 million in Series A, helps retailers of any size provide affordable same-day delivery. The round was co-led by Inovia Capital and Forerunner Ventures, with participation from Shopify and existing investors Golden Ventures and Trucks VC.
Swyft is a marketplace, connecting a network of shipping carriers with vendors. But the company also provides software to those carriers to make them more efficient, and turns them into a vast network that allows them to pick up more inventory without adding to their infrastructure.