Barcelona eCommerce Delivery Platform Paack Ends $225M Series D Funding Round
Jan 26, 2022
Barcelona-based eCommerce delivery startup Paack recently completed a 200 million euro ($225.6 million) Series D fundraising round, according a Tech.eu report Wednesday (Jan. 26). SoftBank Vision Fund 2 led Paack’s latest funding round, with participation from new investors Infravia Capital Partners, First Bridge Ventures and Endeavor Catalyst and holdovers Unbound, Kibo Ventures, Big Sur Ventures, RPS Ventures, Fuse Partners, Rider Global, Castel Capital and Coverwallet co-founder and CEO Iñaki Berenguer. Paack plans to use the fresh capital to launch new technologies, continue its spread across Europe — the company operates in France, Portugal, Spain and the U.K. — and implement more pieces of its sustainability agenda. The company has raised 273 million euros ($307.9 million) to date. Paack integrates with eCommerce retailers and gives customers the opportunity to tailor their delivery options. It delivers “several million orders per month on behalf of over 150 international clients,” the company said. Paack is pressing forward with its goal of achieving carbon net-zero status and becoming the first global logistics provider to obtain the seal of approval from The Carbon Trust and The United Nations. The company’s proprietary routing algorithms ensure 96% of deliveries are successful on the first attempt. U.K. eCommerce association IMRG estimated that failed first deliveries cost companies 769 million euros ($867 million) in the U.K. alone last year. “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,” said Paack 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,” he said.