This week Packfleet, a tech-enabled carbon-neutral courier, announced that it has raised $10 million in Series A funding.
Around 500 million parcels are delivered in London annually and after experiencing poor service when parcels arrived broken or went missing, the founders had the idea for Packfleet, aiming to use tech to make sending and receiving a parcel as easy as ordering a takeaway for 10 million Londoners.
Packfleet was founded by a team of early-Monzo employees in 2021 and now ships regularly for hundreds of businesses all over London. The company is powered by its own purpose-built tech stack that can predict delivery times within the minute, and map journeys for drivers making sure they are on the most efficient route possible.
Packfleet’s 100+ drivers deliver for hundreds of businesses, including leading consumer brands Who Gives A Crap, Pizza Pilgrims and HURR.
Throughout the company’s growth, Packfleet has maintained a parcel failure rate of only 0.07 percent —10x less than the leading traditional courier — while offering employees a wealth of industry-leading benefits.
The round was co-led by General Catalyst, an early Packfleet investor and Voyager Ventures, a leading early-stage climate fund. All of Packfleet’s existing investors participated in the funding round, a roster that includes Creandum, Entree Capital, and Founder Collective.
Tristan Thomas, CEO and founder of Packfleet, said:
“Our merchants are increasingly seeing how their customers care about a business’ environmental credentials, and investors are no different.
When we founded Packfleet, we set out to create a tech-enabled courier service that made deliveries better for everyone – not just customers, but merchants and drivers too.
We’ve proven that our model works, and with the backing of General Catalyst and Voyager, we look forward to continuing to change the logistics sector for good.”
Juliet Bailin, partner at General Catalyst added:
The e-commerce market in the UK is one of the largest in Europe, and we are excited to support Tristan and team on their next stage of growth.
Packfleet is a breath of fresh air for those merchants. Their human approach and in-house technology are combining to revolutionise the industry and set a new standard for couriers – one that's intuitive and efficient for everyone involved."
The newly acquired funds will bolster Packfleet's presence in the London delivery market and support the expansion of its increasing roster of merchants. The funds will also support the development of Pathfinder, the proprietary routing software that has been instrumental in the company's meteoric rise.
Lead image: Packfleet founders: Josh Garnham,Tristan Thomas, and Hugo_Cornejo. Photo: uncredited.
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