On-demand logistics startup Cubyn just announced a $7 million Series A round led by DN Capital with a participation from BNP Paribas Developpement and follow-on funding from original backers Partech Ventures and 360 Capital Partners. The fresh capital will be used to strengthen the company’s leading position in France, launch operations in new European cities, scale acquisition and consolidate the management team.
Founded in 2014, Cubyn is a pioneer in the fast-growing 1st mile logistics segment. In little more than two years, the team has built a full-fledged tech-powered logistics platform. The Paris-based startup offers on-demand logistics to online businesses, picking up its customers’ orders on-site, packaging them and shipping them to any destination globally. For €1.00 per parcel, Cubyn allows clients to save up to 50% on their shipping costs. Merchants can easily create tailored shipment requests on Cubyn’s platform, e-commerce module or API, and schedule a pick up within a 2 hour window. Merchants can then track their order, from warehouse to wrapping, to shipping, to delivery.
Adrien Fernandez-Baca, the co-founder and CEO at Cubyn stated: “Given the exponential growth of online sales, 1st mile logistics has become a major pain point, especially for e-merchants who struggle with the cost and difficulty in packing and dispatching items from space-constrained premises. DN Capital has a successful track record of driving logistics businesses to scale, and a strong footprint in the UK.”
The young company forecasts over 3x year-on-year growth for 2017. Since inception, Cubyn has processed over half a million shipments, and in the first half of 2017, it has already processed more shipments than in the entire past year.
Thomas Rubens, Partner at DN Capital, commented: “Cubyn has developed the best solution we have seen by far in the market for automating shipping logistics within the 1st mile. In the last 6 months, they have doubled their customer base and are now ideally positioned to become the market leader in this space. We look forward to supporting the team to achieve its ambitious goals.”
Cubyn received €1.1 million in 2016 in a seed funding from 360 Capital Partners, Partech Ventures, Price Minister’s Olivier Mathiot, and Showroomprive Founder and CEO Thierry Petit in February 2016. Earlier this year, Cubyn partnered with e-commerce giant Price-Minister, in a move to lay the foundation for its expansion to new markets.