European growth capital firm Bregal Milestone has partnered with existing shareholders to lead a $53m Series C investment in Paack, the largest growth capital investment of its kind in Spain this year. The $53m Series C is being led by Bregal Milestone with current investors Unbound, RPS Ventures, Rider Global and Fuse Ventures also participating.
Paack will leverage Bregal Milestone’s strategic support, with the investment set to accelerate Paack’s expansion across Spain and Europe. In connection with the investment, Jan Bruennler, Managing Partner of Bregal Milestone, and Rob Hetherington, Head of Milestone Performance Partners, Bregal Milestone’s in-house portfolio value creation team, have joined the Paack Board of Directors. The transaction is the eighth investment made by Bregal Milestone’s €495 million fund and marks its first transaction in Spain.
Founded in late 2015 by Fernando Benito, Xavier Rosales and Suraj Shirvankar, Paack is today the European leading provider of Scheduled, Next-Day and Same-day delivery solutions, offering one of the most advanced technology delivery platforms and networks. With operations across Spain, UK, France, and Portugal, Paack is one of Spain’s fastest growing companies boasting over 3x top-line growth year-on-year. Paack currently delivers several orders per second, with an operational network across 60+ cities facilitated by over 3,000 delivery partners.
Drawing on its accumulated experience and trust held by more than 100 international clients, including 11 of the 15 largest e-commerce retailers in Spain, Paack intends to reinforce its position by investing in operational efficiency and product innovation, expanding its delivery coverage, and further developing its software platform. Paack’s founder-led leadership team has recently been strengthened with the hire of former Google Cloud EMEA CTO and Co-founder, Olivier Colinet as CTPO.