Park N Parcel secures 648,000$ in seed funding
In this article (5)
Singapore’s last-mile logistics startup Park N Parcel plans offshore expansion after raising US$648,000 in a seed funding round.
Park N Parcel’s service provides “parking” for online purchases. Packages are delivered to a registered residential or commercial “parker” within a 1km radius of the buyer’s home for collection when convenient. After two years, the startup has more than 1500 parkers.
The fresh funding will be used to strengthen the company’s core leadership team and for expansion into Thailand, Hong Kong and Japan by the fourth quarter of this year, says Park N Parcel co-founder Bryan See Toh.
As well, the team plans to expand its client base through partnerships with e-commerce platforms and logistics companies.
“Last-mile has always been a problem for big e-commerce players across Asia, and we believe Park N Parcel has resolved this issue,” says managing partner Christopher Quek of Tri5 Ventures, which led the funding round with a group of angel investors. “There is a huge opportunity in the $701 billion logistics market across Asia.”
Park N Parcel, along with seven other startups, are heading to Thailand this month to attend the Bangkok Immersion Program organised by Enterprise Singapore under the Ministry of Trade and Industry.
Questions & Answers
Q.What is the purpose of Park N Parcel's service for customers?
What is the purpose of Park N Parcel's service for customers?
Park N Parcel provides a service where online purchases are delivered to a registered residential or commercial "parker" located within 1km of the buyer's home. This allows customers to collect their packages at a convenient time.
Q.How will the recently secured seed funding be utilised by Park N Parcel?
How will the recently secured seed funding be utilised by Park N Parcel?
The fresh funding will be used to strengthen the company’s core leadership team and to expand operations into Thailand, Hong Kong, and Japan. The team also plans to grow its client base through partnerships with e-commerce and logistics companies.
Q.Who led the seed funding round for Park N Parcel, and what is their view of the company?
Who led the seed funding round for Park N Parcel, and what is their view of the company?
Tri5 Ventures, led by managing partner Christopher Quek, led the funding round with angel investors. They believe Park N Parcel has resolved the last-mile problem for e-commerce players, seeing a huge opportunity in Asia's logistics market.
Q.What is the immediate next step for Park N Parcel in its expansion plans?
What is the immediate next step for Park N Parcel in its expansion plans?
Park N Parcel, along with seven other startups, is heading to Thailand this month to attend the Bangkok Immersion Program. This programme is organised by Enterprise Singapore under the Ministry of Trade and Industry.