An Australian logistics start-up has raised $4.5 million in capital in its latest round of fundraising, with the money going towards the creation of a “guaranteed next-day delivery service”.
Parcelpoint announced on Tuesday (18 June) that it had completed the latest round of fundraising from investors and existing shareholders, as it continues to work on developing a network capable of national next-day delivery.
The start-up’s co-founder and CEO, Julian Leach, added that the funding would also go towards building a fleet of electric delivery vans — a measure that was also recently announced by retail giant IKEA.
According to Mr Leach, Parcelpoint recently surpassed 1.2 million unique customers, with its customer base growing at a rate of 103 per cent year-on-year.
“This funding will enable us to fast-track our expansion plans, while maintaining our market-leading customer experience. Throughout the last eight years of operation, we’ve partnered with many of the biggest retail brands, and we’ve built the largest network of 1,400 extended-hours Parcelpoint locations across Australia,” he said.
“We have some really exciting product developments in the pipeline, which will make deliveries even easier — and a lot more sustainable — for Parcelpoint customers.
“We’re currently rolling out a guaranteed next-day delivery service, using electric vans and pedal power where possible, in a market-first initiative to combine fast and sustainable delivery for e-commerce.”
Most of the funding raised in this latest round came from private investment firm AS1 Growth Partners, a primary backer of Parcelpoint since its inception in 2011.
Other backers include “Aussie John” John Symond — the high-profile founder of Aussie Home Loans — and his son Stephen, as well as former News Corp managing director Alasdair MacLeod through his private investment company Macdoch Ventures.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
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