Munich-based parcelLab, which offers a final-mile fulfillment service for online retailers, has closed a $112 million (GB£80 million) Series C funding round led by the US VC/PE firm Insight Partners.
Germany’s Endeit Capital participated as a co-investor, alongside existing investors Capnamic Ventures and coparion. parcelLab last raised an undisclosed Series B in October 2019. The new funding will feed into parcelLab’s global expansion plans and new product development.
Founded in 2015 by Tobias Buxhoidt (CEO), Julian Krenge (CTO), and Anton Eder (COO), the startup has managed to bag such customers as Lidl, to which it provides automated personalized shipping messages. This means that as much as 85% of Lidl customers return to its website.
It also works with IKEA and Farfetch to increase basket sizes and email open rates of – it claims – over 90%, 25% reductions in WISMO (where is my order), and increases of customer reviews.
In a statement Tobias Buxhoidt, CEO and Founder of parcelLab, said: “As e-commerce becomes increasingly competitive, providing unique and branded experiences will drive growth. Identifying opportunities to further connect with people and build a better, stronger relationship is a key differentiator.”
Matt Gatto, Managing Director at Insight Partners, said: “We pride ourselves in identifying and investing in software ScaleUp companies that are driving transformative change in their industries. In parcelLab, we see true potential to transform how brands and people connect.”
Endeit only recently raised a €250 million fund to invest in B-stage European startups, so this is its most recent deployment of capital.
Philipp Schroeder Partner at Endeit commented: “ParcelLab’s team is the perfect example of internet entrepreneurs that we want to support – entrepreneurs who can drive the change to make Europe more competitive and who have the ambition to become global market leaders.”
ParcelLab’s main competitor is US-based Narvar which has raised $64M, with its last round being a Series C funding.