Packfleet, a London-based logistics startup founded by former Monzo employees, has raised $10m in Series A funding.
US-based VC firms General Catalyst and Voyager Ventures co-led the round, which also featured participation from existing investors Creandum, Entree Capital and Founder Collective.
Packfleet was founded in 2021 by a trio of former Monzo employees that include the neobank’s former VP of Design Hugo Cornejo, VP of marketing and communications Tristan Thomas and engineering manager Josh Garnham. It operates a fleet of self-described “carbon neutral” courier vans that service businesses such as Pizza Pilgrims and toilet paper company Who Gives a Crap.
“Our merchants are increasingly seeing how their customers care about a business’s environmental credentials, and investors are no different,” says CEO Thomas in a press release. “When we founded Packfleet, we set out to create a tech-enabled courier service that made deliveries better for everyone – not just customers, but merchants and drivers too.”
The funds will be used to further build out the delivery startup’s presence in London, where it claims to have achieved 5x growth last year and expand to other cities in the UK. The capital will also be funnelled into the development of its proprietary routing software named Pathfinder, which the startup says has been critical to its success so far.
In 2021, Packfleet raised a pre-seed round which saw Monzo cofounders Tom Blomfield and Jonas Huckestein invest in the startup. Last April, it raised an £8m funding round led by Swedish VC firm Creandum.
Packfleet is part of a growing group of former Monzo employees that have struck out on their own to become founders. According to a recent report by VC firm Accel and data platform Dealroom, the neobank has so far produced 17 second generation startups.
