Sendle
Sendle was an Australian shipping startup founded in 2014 to make parcel delivery cheaper and easier for small businesses. It raised more than $100 million and eventually handled more than 65 million parcels across three countries.
The Story
Sendle started with a simple proposition.
Small businesses were poorly served by traditional parcel networks.
Large carriers were designed around scale, while small ecommerce merchants needed flexibility, easy booking and competitive pricing.
Sendle acted as a technology layer between merchants and third-party logistics providers rather than operating a huge fleet itself.
The company grew steadily.
It expanded from Australia into North America and built integrations with ecommerce platforms used by online merchants.
Over its lifetime, Sendle raised more than $100 million from investors including Touch Ventures, Giant Leap, Alberts Impact Capital and others.
By 2025, the company was looking for a way to accelerate international growth.
The answer was a merger.
In August 2025, Sendle merged with US logistics businesses FirstMile and ACI Logistix to create FAST Group.
The idea was to create a larger logistics network capable of serving ecommerce merchants across multiple markets.
The Turning Point
But the merger introduced a new layer of complexity — and serious financial problems.
Within months, investors raised concerns about ACI Logistix's financial statements.
Funding support was withdrawn, leaving the newly merged company scrambling for additional capital.
In January 2026, Sendle abruptly stopped accepting new parcel bookings.
Customers were told that packages already in transit would be delivered at the discretion of delivery partners, while future bookings were cancelled.
The parent FAST Group subsequently announced that it was winding down after failing to secure enough capital.
Sendle's Australian entity later entered creditors' voluntary liquidation.
Liquidators reported approximately A$11.1 million in liabilities against estimated assets of only A$455,376.
The failure was therefore not simply a case of Sendle's original model becoming obsolete.
The company's final chapter was closely connected to the risks introduced by its merger and the financial condition of the businesses it combined with.
Timeline
Funding
Sendle raised $100M+ in total capital across its operating history. Operating for 12 years in the Logistics / E-Commerce sector in Australia, capital intensity and runway constraints played a defining role in its closure.
Why It Failed
Failed merger, financial distress and inability to secure additional funding
When the primary growth hypothesis or strategic acquisition discussions stalled, the business lacked the financial buffer to pivot or restructure on its own terms.
Operating in Logistics / E-Commerce created structural dependencies that left no room for extended clinical, distribution, or revenue delays.
Lessons for Builders
“Mergers are supposed to create strength through combination, but they can also import hidden liabilities. Due diligence and post-merger financial integration can matter more than the growth story attached to the deal.”