Paack closes a new round and raises to 300 million the resources raised since 2016

New financing operation for Paack, an e-commerce logistics company based in Barcelona and founded in 2016 by Fernando Benito, Victor Obrados, Xavier Rosales, and Suraj Shirvankar. The company announced this Monday the closing of a 45 million financing round led by the French fund Infravia Growth, which had previously invested in the startup. Of this figure, 30 million enter the company as equity and the remaining 15 million in the form of debt facilitated by BBVA Spark, the business unit for technology companies of the bank chaired by Carlos Torres, which has also supported the company with working capital lines.

With this operation, Paack has raised a total of 300 million euros since its inception, resources that have allowed it to open markets in Spain, France, Italy, and Portugal and exceed 100 million euros in turnover in 2022. Paack is one of the companies in the Barcelona entrepreneurial ecosystem called to be one of the next unicorns —startups valued at over one billion euros—. The last major round, Series D, closed in January 2022, when it raised 200 million at once in an operation led by one of the largest technology funds in the world, SoftBank Vision Fund. Among Paack's shareholders are also First Bridge Ventures, Endeavor Catalyst, Unbound, Bregal Milestone, Kibo Ventures, Big Sur Ventures, Bonsai, RPS Ventures, Fuse Partners, Rider Global, and Castel Capital, among others.

"Paack will be the European leader in sustainable e-commerce deliveries in the coming years; we are delighted to continue supporting the company and its management team," highlighted Guillaume Santamaría, founding partner of Infravia Growth. "Paack is demonstrating that it is possible to transform a traditional industry by relying on the use of technology and the decarbonization of the economy, a strategy that is completely aligned with BBVA's," added Roberto Albaladejo, head of BBVA Spark.

Following this financing round, Paack's goal is to continue strengthening its position in the online parcel delivery market, as well as investing in product innovation and expanding its distribution coverage across Europe with the aim of being the first company to guarantee 100% zero-emission deliveries throughout Europe.

"We are very grateful to our team and to the support of our investors. We still have many things to improve, but we have a real opportunity to lead the European parcel market for e-commerce in terms of sustainability and convenience," said Fernando Benito, CEO and co-founder of Paack. The main challenge for the firm is to become profitable in all the countries where it operates.

The company has more than 150 international clients, including 17 of the 20 largest e-commerce retailers in Spain, among them Amazon, Apple, Inditex, AliExpress, Nike, and Nespresso.

A few days ago, BBVA Spark also closed a financing agreement of up to 20 million euros with Payflow, the Barcelona-based fintech specializing in on-demand salary and flexible remuneration. With this financing line, Payflow will exceed 32 million euros in investment and debt rounds. The firm allows employees of a company instant access to the salary corresponding to the days of the month worked.