Buy&Ship, a cross-border e-commerce enabler based in Hong Kong, has announced the first close of its Series C funding round, raising US$12 million.
The Series C round saw participation from a diverse group of investors, including MLC Ventures (Mitsubishi Logistics Corp. Ventures), DLK Advisory, and Hong Kong-listed company MemeStrategy. Existing investors Cool Japan Fund and Altara Ventures also provided strong follow-on support.
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The investment is designed to accelerate the company’s mission to automate the global e-commerce value chain through the use of AI and pursue strategic mergers and acquisitions (M&A).
The funding arrives amid a period of significant growth for the startup, which focuses on eliminating the complexities of international shopping, such as customs documentation and high logistics costs. The company has reported a 100 per cent year-on-year growth in proxy-shopping revenue, primarily driven by its integration with Mercari, Japan’s largest C2C online marketplace.
In Southeast Asia, a key focus for the firm, Buy&Ship recorded more than 100 per cent year-on-year revenue growth in Singapore. Its presence in Taiwan also saw a revenue increase of over 60 per cent, bolstered by the introduction of direct shipping services from Japan to Taiwan.
To date, the platform claims to have amassed 3 million registered global users across 12 countries and regions, having handled more than 100 million packages.
Proprietary technology and AI integration
Established in 2014, Buy&Ship positions itself as a technology-first player rather than a traditional freight forwarder. Its integrated tech stack includes an AI-powered discovery engine that utilises Large Language Models (LLMs) to act as a virtual shopping assistant, surfacing global product opportunities for users.
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The backend of the operation is supported by automated guided vehicle (AGV)-powered warehouses and intelligent logistics AI, designed to optimise delivery routes and auto-fill complex customs forms in real-time.
Buy&Ship, which operates 11 overseas warehouses, has so far raised approximately US$34.2 million across multiple rounds, which also include a US$16 million funding announced in June 2024.
Roadmap to public listing
The fresh capital will be utilised to deepen AI integration across the platform and embark on an aggressive expansion into the United States market. Furthermore, the company has confirmed it is initiating preparations for a public listing.
Sheldon Li, co-founder and CEO of Buy&Ship, stated: “This funding isn’t just capital; it’s rocket fuel for our mission to make the world’s products available to anyone, anywhere. With the strategic backing of investors, we will fast-track our AI optimisation to deliver a truly seamless cross-border shopping journey, enabling consumers to effortlessly access premium products. We are building the next-generation global e-commerce platform consumers deserve.”
Investor insights
Reflecting on the challenges of the current market, Dave Ng, General Partner at Altara Ventures, said: “Consumers are savvy global shoppers these days, with high expectations on the experiences they will receive when buying online. This makes cross border commerce even more challenging but presents a very exciting opportunity.”
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“Buy&Ship is at the forefront of cross border innovation and they now play an even more important role in the brave new world of global tariffs. Integrating AI and technology into their business and operational expertise, Buy&Ship is leading the market in taking creative approaches to delivering delightful shopping experiences to users across Southeast Asia and beyond,” Ng added.
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