Paack secures €200m Series D funding

Paack, a last mile delivery platform working into international e-commerce clients, has raised €200m in Series D funding in a round led by SoftBank. The funds raised will go into European expansion and product development.

Returning investors include Unbound, Kibo Ventures, Big Sur Ventures, RPS Ventures, Fuse Partners, Rider Global, Castel Capital and Iñaki Berenguer. As well as existing investors, new participants in this funding round include Infravia Capital Partners, First Bridge Ventures and Endeavor Catalyst.

Spain based Paack has already established itself and become profitable in its home country, and the company claims it is on the way to doing the same in the UK, France and Portugal. It claims it is delivering several million parcels a month at a rate of 10,000 parcels per day per site.

Through the Paack system customers can customise a delivery schedule at checkout, giving them choice and control over their deliveries. In this way they can reduce the carbon emissions per parcel, and Paack says that it is aiming at carbon neutrality for all its operations. It uses electric vehicles for final mile delivery.

Fernando Benito, CEO and co-founder, said: “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. We use technology to provide consumers with control and choice over their deliveries, and reduce the carbon footprint of our distribution.”

Max Ohrstrand, investment director at SoftBank Investment Advisers said: “As the e-commerce sector continues to flourish and same-day delivery is increasingly the norm for consumers, we believe Paack is well-positioned to become the category leader both in terms of its technology and commitment to sustainability.”

Share
More:   Bolt Logistics deploys EV trucks on IKEA Canada routes