Packfleet is a London-based carbon-neutral courier that is transforming the world of e-commerce delivery. Pulse 2.0 interviewed Packfleet founder and CEO Tristan Thomas to learn more about the company.
Tristan Thomas’ Background
What is Tristan Thomas’ background? Thomas said:
“After graduating from Cardiff University, where I studied Politics and Economics, I spent a year and a half in Cairo, Egypt, as a legal advisor for St. Andrew’s Refugee Services. Shortly after returning, I joined Monzo as one of their first employees. I spent five years building a world-class marketing and growth team and ran the largest and fastest fintech equity crowdfunding campaign in history. I was the VP of Marketing, Communications & Policy at Monzo just before I founded Packfleet.”
Formation Of Packfleet
How did the idea for the company come together? Thomas shared:
“The idea for Packfleet stemmed from my personal frustrations with major courier services. I started a wine subscription service with my brother during the pandemic lockdown in the U.K., and I realized that efficient and cost-effective delivery was not something that could be taken for granted.”
“We’ve all experienced poor delivery from the customer perspective – goods being thrown over fences and that sort of thing – but what I found was that the merchant experience is worse. So much so that it inspired me to create a more efficient and customer-friendly delivery solution. I wanted to set a new gold standard in courier services. Ultimately, I want to make sending parcels as easy as booking an Uber or ordering a Deliveroo.”
Favorite Memory
What has been your favorite memory working for the company so far? Thomas reflected:
“One of my favorite memories happened early on. When I launched Packfleet, I was operating out of my own living room. Eventually, my partner and I were struggling to get to the sofa because of the amount of parcels in there. That’s when I knew Packfleet was getting serious.”
Core Products
What are the company’s core products and features? Thomas explained:
“When I started Packfleet, I wanted it to be known as a tech company first and an all-electric courier second. We built our own innovative in-house routing platform, Pathfinder, that leverages the latest in mapping, AI, and vehicle routing research. By employing AI algorithms, Pathfinder optimizes delivery routes in real-time, considering factors like road conditions and customer preferences to ensure efficiency and sustainability.”
Challenges Faced
What challenges have Thomas and the team faced in building the company? Thomas revealed:
“Procuring electric vans has been the biggest challenge we’ve faced – especially as we looked to scale last year. Even now, the challenge is how do we get enough electric vans on a short enough lead time.”
“To combat this, we’ve had to remain manufacturer agnostic given the short supply of electric vans. Unfortunately, it’s a problem which will only be exacerbated once our larger competitors catch on and begin to wholesale purchase cleaner vans.”
“The timeframe between ordering a van and receiving it is already vast, but we’re confident the market will catch up as net zero targets loom.”
Evolution Of Packfleet’s Technology
How has the company’s technology evolved since launching? Thomas noted:
“Pathfinder continuously learns and improves from data gathered over time, providing incremental gains such as optimized parking spots and accurate delivery predictions, ultimately enhancing both customer experience and operational efficiency.”
“As the technology is owned end to end, any issues can be addressed, and adaptations can be made to the software in real-time. The technology is forever evolving as we seek to provide the best service possible.”
Significant Milestones
What have been some of the company’s most significant milestones? Thomas cited:
“Since the launch of Packflet, we’ve successfully closed three funding rounds, raising a total of $21 million. Our most recent Series A fundraiser secured $10 million from leading US VC funds like General Catalyst and Voyager as well as our existing investors.”
Customer Success Stories
After asking Thomas about customer success stories, he highlighted:
“We’ve recently partnered up with leading sustainable toilet roll brand Who Gives A Crap and hosted their team at our HQ for a delivery day. The team went out on the roads to meet WGAC customers on their doorsteps – and experienced the world of Packfleet deliveries. We’re proud that Who Gives A Crap has shown faith in us, and we’re delighted to be working with a brand that shares our values for sustainability and ethics.”
Funding
After asking Thomas about the company’s funding, he revealed:
“We’ve just closed our Series A fundraise securing $10 million. The round was co-led by General Catalyst, an early Packfleet investor and Voyager Ventures, a leading early-stage climate fund. All of our existing investors participated in the funding round, a roster that includes Creandum, Entree Capital and Founder Collective.”
“We will use the funds to bolster our established presence in the London delivery market, support the expansion of our increasing roster of merchants and to support the development of Pathfinder, our proprietary routing software.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Thomas assessed:
“The UK e-commerce market is one of the largest in Europe, and it continues to grow. The UK parcel market alone is estimated to be worth £6 billion domestically.”
“We aim to become one of the UK’s most well-known delivery companies starting with bolstering our presence in London and expanding to other major UK cities in the future. In 10 years time, there’s no reason that we can’t have our operations across the entire world, facilitating both international and local deliveries.”
Differentiation From The Competition
What differentiates the company from its competition? Thomas affirmed:
“Packfleet brings the tech that you’d expect from the likes of Deliveroo and Uber to the world of parcel delivery. Every delivery gets live tracking on your phone (with an actual correct estimated time of arrival) and the option to change anything about the delivery (even the address) at any point on your parcel’s journey.”
“We are 100% carbon neutral, and our fleet is 100% electric, charged by renewable electricity.”
Future Company Goals
What are some of the company’s future company goals? Thomas pointed out:
“Our goal is to continue to grow our roster of merchants, maintain customer happiness while keeping delivery failure rates low and to bring value for our investors. We also aim to expand to other big cities in the UK.”
“Our long-term vision is to become one of the world’s most well-known delivery companies, conquering the national and international delivery sector.”
Additional Thoughts
Any other topics you would like to discuss? Thomas concluded:
“I have invested in a positive company culture and staff retention as I believe both are key to scaling the business. We have a ‘Community Day’ every month which is essentially a day off to do something social as a team outside of the office. We also have monthly ‘delivery days’ when Packfleet’s senior management team spend a day doing deliveries and driving our vans themselves.”
