On-demand fulfilment start-up Cubyn has raised EUR35 million in a funding round led by Eurazeo and Bpifrance Large Venture, with new participation from First Bridge Ventures and Fuse Venture Partners, and follow-on funding from DN Capital, 360 Capital, Bpifrance Smart Cities fund and BNPP Développement
Cubyn will use its new funding to double its team of 85 to 170+ employees by the end of 2021, and deploy its service internationally, starting with Spain and Portugal launching in April 2021 followed by Italy, UK and Germany. The company will also open a 25,000 sq m automated facility in the Paris area in the coming months, to increase its automation capabilities and continue to drive costs and delivery times down.
Cubyn made a major, strategic product launch into end-to-end ecommerce fulfilment in Q3 2019, a fast-growing and highly fragmented market estimated at EUR500 billion worldwide. Since then, the company has built the best proprietary technology to streamline merchant logistics, ranging from web apps to advanced optimisation through algorithm and warehouse robotics Cubyn’s technology stack enables the company to operate a fully integrated fulfilment solution at a fraction of the industry standard cost. This positioning allowed the company to grow its Gross Merchandise Value from EUR30 million to EUR250 million in 2020 for its first full year.
Source: Private Equity Wire
