Singapore-based logistics startup Park N Parcel today announced that it has raised a S$850,000 (US$648,000) seed funding round led by Southeast Asia-focussed venture capital firm TRi5 Ventures and a group of undisclosed angel investors in March 2018.
The startup plans to use the new funding to:
1. Strengthen its core leadership team
2. Expand into Thailand, Hong Kong, and Japan by Q4 2018
3. Scaling its clientele base
In a press statement, Park N Parcel cited data that revealed Thailand, Hong Kong, and Japan as 18 per cent (S$127.4 billion/US$97 billion) of forecasted Asia Pacific e-commerce transaction figure.
Launched in January 2017, Park N Parcel was founded by Bryan See Toh, Erik Cheong and Gan Hong.
The startup aims to tackle the problem of missed parcels faced by many logistics services users: When parcels are being delivered to users’ address, they are not home to accept it, and the parcel ends up being returned. In order to have the package being resent, users often have to undergone complicated and costly process.
The service works by allowing users to pick up their parcel on their own time at the addresses of individuals or retail stores (“Parkers”) that have already registered to the service. These Parkers will receive parcels on behalf of the users, and they get to keep it until the original owner comes to pick it up. Park N Parcel pays the Parkers based on the total transactions made for the month, at S$1.00 (US$0.76) per parcel.
The company also has a mall-to-mall delivery option, and claimed to have delivered more than 15,000 parcels per month in Singapore.
An NUS Enterprise portfolio, Park N Parcel has secured partnerships with e-commerce companies such as Carousell, Airfrov, Easyparcel, and SGshop.
“As we continue to work with our esteemed partners to grow their clientele base, we want to tap into the logistically underserved parts of the region and expand into both the B2C and C2C segment,” Park N Parcel Co-Founder and CMO Erik Cheong, said in a press statement.
The startup was one of the 63 startups chosen for Echelon T0P100 Qualifiers in Singapore.
Image Credit: Park N Parcel