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Hefty year for 71lbs: New funding, new offices, meteoric growth

71lbslogo71lbs, a Davie -based startup that helps businesses save money on shipping,  has closed a funding A round of $2 million  with investors including  Raleigh, NC-based Idea Fund Partners, Naples-based Tamiami Angels, and senior executives from Intuit, LinkedIn and Alibaba.com among other angel investors, Jose Li, founder and CEO, said on Wednesday.

71lbs 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.

  Jose Li image (2)A lot has happened with 71lbs since we spotlighted the company in March 2013. Li, who spent 15 years in the shipping, logistics and e-commerce industry before launching 71lbs in 2012, says 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 71lbs is 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,” said Li.

Posted June 4, 2014