BLUE SKY LEADS CAPITAL INJECTION FOR POSTAL CHALLENGER

BLUE SKY LEADS CAPITAL INJECTION FOR POSTAL CHALLENGER

BLUE Sky Alternative Investments Limited's (ASX:BLA) venture capital arm has facilitated a $7 million financing round for an online retail delivery company.

ParcelPoint allows online shoppers to collect and return their purchases beyond traditional postal services, with more locations and extended hours.

Blue Sky Venture Capital investment director Elaine Stead says ParcelPoint is challenging the norms of e-commerce.

"ParcelPoint's business is so compelling because its solutions remove the friction for all stakeholders in the online retail process retailers, carriers and most importantly, the consumer," Stead says.

"We are backing a team with incredible credentials who, in just over three years have built an incredibly successful business with multiple revenue streams in a market with a huge opportunity for growth."

ParcelPoint has partnered with more than 100 retailers since it was established in 2011, including Adidas, The ICONIC, OzSale and Surfstitch.

By operating out of pharmacies, newsagents, convenience stores and storage facilities, the company can offer the collection service seven days a week and after hours.

ParcelPoint CEO and co-founder Mehdi Fassaie says the injection of capital will be invested in growing the network, as well as expanding the team.

"We plan to more than double our network and retailer partnerships and expect our headcount to grow by around 50 per cent over the next financial year," Fassaie says.

ParcelPoint's co-founders also include Julian Leach, Phil Lee, Conrad Yiu and Mark Coulter.

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 
The MBA that helped Epic Environmental’s startup employee become GM and partner
Partner Content
Environmental engineer Romin Nejad began his career at Epic Environmental at a challeng...
Queensland University of Technology
Advertisement

Related Stories

PwC gets another rebuke and a penalty from industry body over tax leaks scandal

PwC gets another rebuke and a penalty from industry body over tax leaks scandal

In the latest fallout for PricewaterhouseCoopers Australia from the...

Fintech WLTH acquires Mortgage Mart of Australia after $14m raise

Fintech WLTH acquires Mortgage Mart of Australia after $14m raise

The loan book at Brisbane-headquartered fintech WLTH has ballooned ...

Singapore giant LDC explores $105m takeover bid for Namoi Cotton

Singapore giant LDC explores $105m takeover bid for Namoi Cotton

Namoi Cotton (ASX: NAM) looks set to be absorbed by one of its majo...

CBA data shows surge in Millennial, Gen Z business accounts

CBA data shows surge in Millennial, Gen Z business accounts

Young entrepreneurs accounted for the majority of new business acco...