London-Based Packfleet Secures $10M in Series A Funding for Expansion and Development

March 13, 2024

On Tuesday, London-based logistics startup Packfleet announced that it had successfully raised approximately $10 million (approximately €9.1 million) in a Series A funding round. The investment was co-led by General Catalyst and Voyager, with participation from existing investors Creandum, Entree Capital, and Founder Collective.

According to reports from Reuters, the UK-based company plans to utilize the funding to expand its operations within London and other cities across Britain later this year. Additionally, the capital will fuel the development of Packfleet’s proprietary routing software, Pathfinder.

CEO Thomas emphasized the importance of environmental credentials to merchants and investors, highlighting Packfleet’s commitment to creating a tech-enabled courier service that benefits customers, merchants, and drivers alike.

Founded in 2021 by former Monzo employees Hugo Cornejo, Tristan Thomas, and Josh Garnham, Packfleet specializes in delivery management platforms designed to enhance the delivery experience for businesses of all sizes. Their platform offers features such as real-time tracking, estimated time of arrivals, and the ability to update delivery details, contributing to improved customer retention.

With a fleet of approximately 130 electric vans, Packfleet experienced a significant increase in package delivery volumes in 2023. CEO Thomas expressed confidence in the company’s future, noting that the latest funding round demonstrates Packfleet’s stability, strong backing, and growing traction in the market.

With this further investment, it will be interesting to see how Packfleet innovates in the Electric vehicle market. The company seems dedicated to pushing things forward, and with more governments targeting net zero, they may have a bright future.