- 18 November 2020
- Transport / Logistics Services
European fulfilment and delivery platform Paack has had a successful $53 million Series C funding round led by UK private equity fund Bregal Milestone. The new investment will be used to accelerate the expansion of its business.
Paack is based in Spain but has operations in more than 60 cities in the UK, France and Portugal. It provides end-to-end parcel operations including warehouse management, fulfilment and delivery applications as well as retailer systems and checkout integrations. It has 3,000 delivery drivers and its main client is Amazon, though it also works with a number of other major e-retailers.
The Series C funding round was led by Bregal Milestone and also included other fund managers – Unbound , RPS Ventures , Riders Global and Fuse Ventures. Kibo Ventures, Bonsai Venture Capital and Big Sur Ventures became shareholders.
Bregal Milestone is to take two seats on the Paack board with its 20% stake in the business. Jan Bruennler, Managing Partner of Bregal Milestone said, “We are highly enthusiastic to partner with Paack for this next phase of growth. Paack is an innovation leader in scheduled delivery, with an unrivalled proprietary end-to-end technology platform. E-commerce and home delivery continue to flourish, and we believe Paack is well positioned to capitalize on this large and compelling market momentum. We look forward to working with Fernando and his ambitious team to further develop their business and drive growth”
Fernando Benito, CEO and Co-founder of Paack said, “I am thrilled by this partnership with Bregal Milestone, and grateful for the continued support from our existing shareholders. Paack is in a uniquely exciting stage as a company, and this additional investment will enable Paack to turbocharge its growth, expand coverage across Spain and Europe, whilst allowing it to continue to provide an outstanding service to its customers and partners through enhanced R&D, product development and innovation leadership. Bregal Milestone is a perfect fit to Paack, able to leverage their global network and hands-on strategic support to accelerate Paack’s growth strategy.”