Top Stories
UK electric vehicle delivery company Packfleet raises $10 million in funding
Global Banking & Finance Review®
Company
By Nick Carey
LONDON (Reuters) – UK package delivery startup Packfleet, which runs an all-electric fleet of vans in London, has raised $10 million in Series A funding to expand within the city and to other British cities later this year, it said on Tuesday.
The funding round was led by venture capital firms General Catalyst and Voyager and brings additional funding from existing investors including Creandum.
Packfleet is one of a number of European and U.S. delivery startups racing to serve growing demand for zero-emission last-mile deliveries to retailers and consumers before giant shippers do the same.
The company operates a fleet of about 130 electric vans and its package delivery volumes grew fivefold in 2023. CEO Tristan Thomas said the company expects similar growth this year.
“For new customers this funding shows we are here to stay that we have strong backing and are getting traction,” Thomas told Reuters.
(Reporting by Nick Carey; Editing by David Goodman)
Venture capital is a type of private equity financing that is provided by venture capital firms to startups and small businesses with long-term growth potential. It typically involves high risk but can yield high returns.
Electric vehicles (EVs) are automobiles that are powered entirely or partially by electricity. They are known for being environmentally friendly as they produce zero emissions compared to traditional gasoline-powered vehicles.
Last-mile delivery refers to the final step of the delivery process where goods are transported from a distribution center to the end customer. It is a crucial part of the logistics and supply chain management.
Series A funding is the first round of funding for a startup, typically after initial seed funding. It is used to optimize the product and expand the business, often involving venture capital investors.
Sustainability in business refers to operating in a way that meets current needs without compromising the ability of future generations to meet theirs. It often involves environmentally friendly practices and social responsibility.
Explore more articles in the Top Stories category
