71lbs, a Davie-based startup that helps businesses save money on shipping, has closed a funding round of $2 million with investors including Raleigh, N.C.-based Idea Fund Partners, Naples-based Tamiami Angels, and senior executives from Intuit, LinkedIn and Alibaba.com.
71lbs.com is “a set-and-forget, then collect” system that allows companies to automatically track and collect on the $2 billion a year in unclaimed FedEx and UPS late-shipping refunds.
Founder and CEO Jose Li, who spent 15 years in the shipping, logistics and e-commerce industry before launching 71lbs in 2012, said the company has grown 950 percent in the past 12 months and now serves more than 2,000 customers.
The team has just welcomed its 12th employee — and it’s still hiring, says Li, whose motto is “Always Be Recruiting” (as well as raising). This month, 71lbs completed a move to larger offices in Davie, close to the Nova Southeastern campus.
The company also recently added integration apps with Big Commerce, Shopify, Magento and PayPal as channel partners, and is continuing to build out other services.
“We are adding shipping analytics and savings optimization services in our product roadmap to continue our company mission of helping democratize shipping and logistics for small and medium size businesses,” Li said.
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