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Moving enabler uShip secures $18M financing round

Staff Writer- Austin Business Journal

Online movers marketplace uShip Inc. has received an $18 million Series C round of funding.

The Austin-based company, which collected the capital from California-based Kleiner Perkins, has received $28 million in venture capital since launching. It plans to use the money for increasing a focus on commercial customers rather than consumers, company executives said.

UShip, founded in 2003, hosts Web-based auctions for shippers. The company employs about 110 workers. It reached profitability in 2008 and more than tripled its annual revenue from 2006 and 2009, officials have said.

During two financing rounds in 2005 and 2006, uShip received $10 million from Benchmark Capital, a California-based venture capital firm.

In February 2011, uShip received nearly $2 million of a planned $4 million round of financing from a lone investor, according to a filing with the U.S. Securities and Exchange Commission.