Shyp Raises $50 Million and Adds Kleiner's Doerr to Board

On-demand shipping startup Shyp said today that it had raised $50 million, led by Kleiner Perkins Caufield & Byers. As part of the transaction, the venture firm’s high-profile partner John Doerr will join its board. Previous investors, including Homebrew Ventures and SherpaVentures, are also contributing to the new funding. Shyp had so far raised just over $12 million from them and from a number of prominent angel investors. The company said it will use the money to expand into new cities — it currently operates in New York, Miami and San Francisco, and is running a beta in Los Angeles. The real question for Shyp is whether it can make any money off slim fees it charges customers to collect and pack goods, as well as the difference between normal shipping fees and the discount it gets from shipping carriers.

This article originally appeared on Recode.net.

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