Singapore-headquartered Parcel Perform, which connects merchants with e-commerce carriers and provides shipment tracking features, said on Wednesday it has raised $20 million in a new financing round as it scales its business in several parts of the world.
Cambridge Capital led the logistics tech startup’s Series A financing round, while SoftBank Ventures Asia and existing investors including Wavemaker Partners and Investible participated in it.
The SaaS startup helps improve the experience of e-commerce merchants and their customers when engaging with carriers, explained Dr. Arne Jeroschewski, co-founder and chief executive of Parcel Perform, in an interview with TechCrunch.
Nespresso, which sells home coffee machines, capsules and accessories, relies on Parcel Perform to gain access to logistics data, for instance. Based on this data, said Jeroschewski, tracking experience — such as a web page for tracking, a system for authentication — is charted for the firm and the startup also provides tools for customer support.
Parcel Perform also provides these merchants with tools to create additional touchpoints after the checkout to create higher brand loyalty with customers, opportunities to move more inventories, and it has also developed a system to support more than 30 languages to offer the most personalized experience to customers. It says businesses on its platform have increased their customer lifetime value by up to 40%.
The startup — which is already profitable and has grown its revenue by 5x since the onset of the pandemic — also uses its AI stack to make predictions on things such as when a customer will get their parcel. Parcel Perform, which integrates with over 700 carriers, has courted clients globally and executes more than 100 million parcel updates each day.
“Visibility is a vital market in this age of e-commerce. After evaluating many companies worldwide, we believe that Parcel Perform simply offers the best visibility and experience solution. They have built a unique value proposition for brands, marketplaces and carriers, with the most complete solution for end-to-end shipment tracking,” said Benjamin Gordon, Managing Partner of Cambridge Capital, in a statement. Cambridge focuses exclusively on global logistics and supply chain technology.
Jeroschewski founded the startup with Dana von der Heide. Jeroschewski previously co-founded e-tail unicorn Zalora, and held senior roles in Singapore Post and DHL, where he worked together with Dana. Dana is also an advisory member of the German Logistics Association and part of the distinguished eFounder Fellowship program by Alibaba.
Parcel Perform will deploy the fresh funds to scale further in Asia and Europe and also set up a regional office in North America, said Jeroschewski. The startup is also looking to increase its headcount.