<article>Singapore’s last-mile logistics startup <a href="https://www.dealstreetasia.com/?s=Park+N+Parcel" target="_blank" rel="noopener">Park N Parcel</a> has raised a $648,000 seed funding round led by <a href="https://www.dealstreetasia.com/?s=Tri5+Ventures" target="_blank" rel="noopener">Tri5 Ventures</a> and a group of angel investors.</article>

Singapore’s last-mile logistics startup <a href="https://www.dealstreetasia.com/?s=Park+N+Parcel" target="_blank" rel="noopener">Park N Parcel</a> has raised a $648,000 seed funding round led by <a href="https://www.dealstreetasia.com/?s=Tri5+Ventures" target="_blank" rel="noopener">Tri5 Ventures</a> and a group of angel investors.
Park N Parcel allows users to have their online shopping haul delivered to registered residential and commercial parkers within a 1 km radius of their homes to be collected at their convenience. The startup has already built a pool of over 1,500 parkers in Singapore.
The proceeds of the fresh funding will be used to strengthen the company&#8217;s core leadership team and for expansion into Thailand, Hong Kong and Japan by the fourth quarter of 2018, Park N Parcel co-founder Bryan See Toh said.
Moreover, the team plans to expand its client base through partnerships with e-commerce platforms and logistics companies.
Tri5 Ventures made the investment through one of its three funds, Singapore Seed Fund, that has earlier backed other startups such as Refash and Upcode Academy.
“Park N Parcel founders have shown their strong execution and ability to drive high monthly growth over the last two years,” said Christopher Quek, managing partner of Tri5 Ventures. &#8220;Last-mile has always been a problem for big e-commerce players across Asia and we believe Park N Parcel have resolved this issue.&#8221;
There exists a huge opportunity in the $701-billion logistics market across Asia, he added.
“We are expecting robust e-commerce growth in the region, especially in emerging countries like Indonesia and Thailand. However, consumer expectations will increase in tandem with the tightening of margin in the last-mile logistics sector. Incumbents will be looking for innovating solutions and cross-collaboration with startups, such as Park N Parcel, to create a mesh network which in effect increases cost optimization and efficiency,” said Toh.
By this April, Park N Parcel, along with seven other startups, will be heading to Thailand to attend the Bangkok Immersion Programme organized by Enterprise Singapore under the Ministry of Trade and Industry.
Other portfolio investments of Tri5 Ventures include NeuroTrend Pte Ltd, a neuroscience technology company, and coding academies CoderSchool from Vietnam and UpCode Academy from Singapore.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/christopher-quek-tri5-ventures-58271/">Customised acceleration is our edge: Christopher Quek, Tri5 Ventures</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/singapore-upcode-academy-algomerchant-close-funding-85733/">Singapore: UpCode Academy &amp; AlgoMerchant close funding</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/50710-50710/">NY-based Byte Academy expands to Singapore with Series A from Tri5 Ventures</a>

Park N Parcel plans to use the fresh funding to expand into Thailand, Hong Kong and Japan by the fourth quarter of 2018.

Singapore’s Park N Parcel raises $648k in Tri5-led round for Asia expansion

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Singapore’s Park N Parcel raises $648k in Tri5-led round for Asia expansion

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief