Singapore-headquartered parcel tracking startup Parcel Perform raised USD 20 million in a Series A funding round led by Cambridge Capital, with new investor SoftBank Ventures Asia joining the deal. Existing investors, including Wavemaker Partners and Investible, also participated in the investment.
The startup will utilize the fresh capital to fuel its global expansion. Parcel Perform will enhance its technological capabilities by investing in new developments in artificial intelligence to scale its proprietary “date of arrival” prediction engine. Moreover, Parcel Perform plans to establish its regional headquarters in North America and bump up its headcount to 150 employees by the end of the year.
Parcel Perform was founded in 2016 by former Zalora CEO Arne Jeroschewski and Dana von der Heide. After leaving Zalora, Jerochewski held senior positions in Singapore’s postal service and DHL, where he met von der Heide, who is also an advisory member of the German Logistics Association.
Parcel Perform’s SaaS platform helps e-commerce businesses manage their logistics and customer engagement. The firm works with over 700 carriers, more than 40% of which are based in the Asia Pacific. It currently manages at least 100 million parcel tracking updates daily, providing real-time visualizations of this data. Parcel Perform said its services help businesses increase their customer lifetime value by up to 40%. The startup claimed it is profitable, with revenue growing by 500% since the onset of the COVID-19 pandemic. Parcel Perform has offices in Singapore, Vietnam, and Germany.
“Visibility is a vital market in this age of e-commerce. After evaluating many companies worldwide, we believe that Parcel Perform offers the best visibility and experience solution,” said Benjamin Gordon, managing partner of Cambridge Capital, in a statement. “They have built a unique value proposition for brands, marketplaces, and carriers, with complete solutions for end-to-end shipment tracking.”