Munich-based parcelLab, which provides a last-mile fulfilment service to online retailers, has completed a one-year contract worth $112 million (GBP 80 million) in a Series C funding round that was led by U.S. Insight Partners, a VC/PE company. Insight Partners.
The German firm Endeit Capital participated as a co-investor along with the existing shareholders Capnamic Ventures and Coparion. ParcelLab recently announced an unannounced Series B fund in October of this year. The funding raised will go into the expansion plans of parcelLab’s global operations and the development of new products.
In 2015, the company was founded with Tobias Buxhoidt (CEO), Julian Krenge (CTO), and Anton Eder (COO). The company has been able to secure customers like Lidl, which offers automated and personalised shipping messages. This means as much as 85 percent of Lidl customers come back to its site.
It also collaborates with Ikea and Farfetch to increase the size of baskets and open rates for emails by up to 90 percent, decreases of 25 percent within WISMO (where you can find my orders), and an increase in customer reviews.
In an announcement, Tobias Buxhoidt, CEO and co-founder of parcelLab, stated: “As e-commerce becomes increasingly competitive, providing distinctive and unique experiences will propel expansion. “Finding ways to strengthen connections with your customers and develop an enhanced, more lasting connection is the biggest distinction.”
Matt Gatto, managing director at Insight Partners, said, “We take pride in finding and making investments in technology scaleup companies that are driving changes in their respective industries. “In parcelLab, we can see the potential to change the way brands and individuals communicate.”
Endeit has just raised a EUR250 million investment fund for B-stage European companies, which is its latest deployment of capital.
Philipp Schroeder, partner at Endeavor, stated, “ParcelLab’s team is the ideal model of Internet entrepreneurs. We would like to encourage entrepreneurs who can lead the revolution to make Europe more competitive and are aspiring to become world leaders in their markets.”
ParcelLab’s biggest rival has to be U.S.-based Narvar, which has raised $64 million, and its most recent round was Series C capital.