Posted By Uma Rajagopal
Posted on March 12, 2024
UK electric vehicle delivery company Packfleet raises $10 million in funding
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)
