ParcelPoint secures $7 million funding
Australia’s largest independent online retail delivery network, ParcelPoint, has completed a $7 million financing round led by Blue Sky Venture Capital. ParcelPoint offers a more convenient solution to traditional postal services by partnering with more than 100 major retailers such as Adidas, The ICONIC and Surfstitch and trusted local stores such as pharmacies, newsagents, convenience stores and storage facilities to offer customers extended-hours
parcel collection points. Customers can now choose to collect and return their online purchases, seven days a week and after hours.
Parcel Point have also developed software solutions to provide retailers with smart fulfilment capability comprising integrated Click & Collect, Ship from Store and Returns. CEO and co-founder Mehdi Fassaie said the capital injection will support ParcelPoint’s network and team expansion.
“We plan to more than double our network and retailer partnerships and expect our headcount to grow by around 50 per cent over the next financial year,” Mr Fassaie said.
Blue Sky Venture Capital led ParcelPoint’s recent financing round, its investment director Elaine Stead said ParcelPoint was redefining traditional e-commerce delivery and return processes.
“ParcelPoint’s business is so compelling because its solutions remove the friction for all stakeholders in the online retail process – retailers, carriers and most importantly, the consumer.”
“We are backing a team with incredible credentials who, in just over three years have built an incredibly successful business with multiple revenue streams in a market with a huge opportunity for growth.”