Last mile delivery outfit Parcelpoint hunts strategic partner

Canaccord Genuity is packaging up a new deal.

Street Talk understands last mile delivery company Parcelpoint has drafted in Canaccord’s dealmakers for a strategic review, with a view to help the ten year-old company find a strategic partner/investor.

Sources said a teaser document outlining Parcelpoint’s business was sent out to potential investors this week, which offered parties the chance to get access to diligence materials and hear from the company’s management if they were interested in the opportunity.

Parcelpoint was described as a “capital-light, community-based, logistics platform” which posted $11 million annual recurring revenue in January 2021. That revenue figure was forecast to rise to $48 million by the 2023 financial year, potential investors were told.

The company offers a final destination delivery service to its customers.

Shoppers elect to have their packages sent to one of 1400 Parcelpoint locations around the country and receive a text or email when their parcel arrives, telling them they can come and collect their package when it suits them.

Local businesses like convenience stores, pharmacies and service stations sign-up to become Parcelpoint pick-up locations, with the idea being that they are open later than Australia Post offices, where undelivered parcels would normally be sent.

Canaccord’s investor search was understood to be targeting high growth e-commerce companies looking to build out their delivery capabilities, perhaps by bolting Parcelpoint on to their operations.