Barcelona-based e-commerce delivery startup Paack has secured €200 million in a Series D funding round. Already operational in the U.K., France, Spain, and Portugal, the new funds are slated to be used in the implementation of new technologies, continue rolling out services across continental Europe, and press forward with a sustainability agenda. To date, the company has raised approximately €273 million.
Founded in 2015, like many, if not all, of its competitors, Paack integrates directly with e-commerce retailers, and provides a mechanism whereby customers can custom tailor their delivery options. The company delivers, “several million orders per month on behalf of over 150 international clients, including 17 of the 20 largest e-commerce retailers in Spain.”
While a last-mile delivery service isn’t really anything groundbreaking in terms of innovation, where Paack wants to lead the pack is through its commitment to sustainability, specifically through achieving carbon net-zero and becoming the first global logistics provider to obtain the seal of approval from The Carbon Trust and The United Nations.
In order to support this ambition, and along the lines of what Turkey’s Optiyol is working on, Paack’s proprietary routing algorithms ensure 96% of deliveries are successful on the first attempt. This not only increases both consumer and driver satisfaction but works in antithesis to a 2021 report by the U.K.’s e-commerce association IMRG’s report that estimated, “the cost of failed first-delivery totaled £769 million” in the U.K. alone.
“Demand for convenient, timely, and more sustainable methods of delivery is going to explode over the next few years and Paack is providing the solution,” commented CEO and co-founder Fernando Benito Galobart. “We use technology to provide consumers with control and choice over their deliveries, and reduce the carbon footprint of our distribution. This investment round is a strong show of faith in our desire to provide zero-emission deliveries as standard throughout all major European cities and we hope to inspire the entire logistics sector to reduce its unnecessary waste.”
Paack’s €200 million Series D round was led by the ubiquitous SoftBank Vision Fund 2 and drew the participation of Infravia Capital Partners, First Bridge Ventures, and Endeavor Catalyst. Unbound, Kibo Ventures, Big Sur Ventures, RPS Ventures, Fuse Partners, Rider Global, Castel Capital, and Coverwallet co-founder and CEO Iñaki Berenguer all renewed their commitments to the startup.
Would you like to write the first comment?
Login to post comments