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.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support