Singapore-headquartered logistics technology firm Parcel Perform said it was able to raise funds to support its worldwide expansion as well as investments into artificial intelligence (AI). 

In a statement, it said the "strategic investment" will help Parcel Perform support its global expansion and recruitment efforts.

"Parcel Perform will use the fresh funding to build out its technology offerings and invest further in artificial intelligence (AI) solutions," it said. "This includes scaling its proprietary ‘Date of Arrival' prediction engine which allows customers to know precisely when their parcels will arrive."

With over 100 employees across Asia-Pacific and Europe, Parcel Perform noted that the new funding will also enable the company to establish a regional headquarters in North America and grow to 150 employees globally by the end of the year.

The Series A funding round led by Cambridge Capital also includes new investor SoftBank Ventures Asia, and existing investors including Wavemaker Partners and Investible.  

The company said it currently manages over 100 million parcel tracking updates daily, providing real-time visibility of tracking data and helping businesses to increase customer lifetime value by up to 40%.

It said it continues to see stellar growth, with revenue growing by 5x since the onset of the COVID-19 pandemic.

"With e-commerce becoming the primary retail channel, the need for merchants to provide an excellent post-purchase experience has become business critical," commented Dr. Arne Jeroschewski, CEO and co-founder of Parcel Perform. "Parcel Perform is uniquely positioned to capitalize on this opportunity with its enterprise-grade solutions and its globally standardised logistics data integrations."

Dana von der Heide, CCO and co-founder of Parcel Perform noted that the company is set "on building a scalable, sustainable and customer-focused enterprise software company."

"We grew our team to over 100 people and expanded our customer base from our roots in Asia to also working with leading brands, marketplaces and carriers in Europe and North America," von der Heide added.

Parcel Perform said it has standardized last mile delivery data across 700+ carriers worldwide –  over 40% of which are based in the Asia-Pacific region.

 Cindy Jin, Partner at SoftBank Ventures Asia commented: "The past few years have highlighted the importance of global commerce and resilient supply chains. Parcel Perform did not only launch an enterprise-ready and scalable, modular platform but also built a global community for e-commerce professionals with Parcel Monitor."

Parcel Perform noted that its business will continue to expand its strong network of partners and integrations with companies such as AWS and SAP. It said recently, it extended its B2C website Parcel Monitor, originally a tracking service for end-consumers, into a global community page providing free access to logistics data insights for e-commerce logistics professionals. 

Parcel Perform has offices in Singapore, Vietnam and Germany.