Paccurate Raises $2.2 Million Seed Funding Round
Paccurate, a shipping & fulfillment optimization platform, announced the closing of a $2.2 million seed round. The funds will support the company’s mission to reduce the costs and carbon impact of the ecommerce supply chain. The round was co-led by SpringTime Ventures and FirstMile Ventures, with Grand Ventures as the other major participant. This funding round will enable Paccurate to onboard major retailers and 3PLs faster, and expand their suite of fulfillment optimization tools.
“Right now global supply chain challenges are multiplying, and we strongly believe that only novel technology like Paccurate can rise to address them,” said SpringTime Ventures Managing Partner Matt Blomstedt. “The Paccurate team has built a solution that drives a real monetary and sustainability ROI for their customers. The customer feedback we heard during our diligence process was simply some of the most glowing and enthusiastic that we’ve ever received.”
To help shippers reduce labor, material, and transportation costs, Paccurate provides a powerful containerization engine with a lightweight API. As a drop-in replacement for legacy cartonization functionality, Paccurate is the first solution of its kind to incorporate dynamic transportation costs in its real-time packing decisions. The result is an average 15% saved on shipping and a ~14% reduction of SCOPE-3 emissions.
Parcel carriers have been struggling with capacity constraints since the pandemic began, forcing rate hikes and even halting shipment pickups from major retailers during peak season. Shipping rates increased an average 6% in January 2022, further eroding retailer margins.
“Paccurate optimizes parcel packing and pallet stacking for shippers of all sizes,” says Paccurate CEO James Malley. “This funding will allow us to use our proprietary technology and patented methods to create dramatic savings for more retailers as their costs continue to rise, and further build out our offering. Most importantly, our mission to make the ecommerce supply chain less wasteful has been accelerated.”
“That this seed round was so oversubscribed is exciting, but also a good indication that everyone is tired of ordering small things online—like a pen or pencil—and having it show up on their doorstep in a box the size of a microwave. Enough is enough.”
The funding comes after a series of milestones for Team Paccurate, including a record 2.7 million shipments optimized in March, and successful implementations at Hunter Douglas, Crate & Barrel, Dillard’s, and other popular retailers.