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.