Fulfilment solution Cubyn raises EUR35m to expand in France and across Europe
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.
“We see a huge opportunity for a neutral, cost-effective, and efficient fulfilment network in the e-commerce space. 15 per cent of the Gross Merchandise Value transacted in e-commerce globally goes to e-logistics. Still today, there is no scalable, efficient logistics solution aside from the ones offered by siloed marketplaces. Cubyn is disrupting the traditional e-commerce third party logistics market from the ground up, offering a better, faster and cross-border service at a 30 per cent lower price. We are also providing merchants with not just additional revenue streams, but with our international roll out, we are now opening up new markets for them, outperforming other options available in terms of cost and delivery speed by far,” says Cubyn co-founder and CEO Adrien Fernandez-Baca.
Cubyn merchants can integrate their e-commerce inventory in one-click and start scaling their sales without worrying about logistics, all while monitoring the process from one simple SaaS solution. When an online order is placed, it is automatically exported and processed from a Cubyn warehouse. Thanks to CarrierPredict, an in-house algorithm developed to determine the most efficient carrier for each package, parcels are inserted into the most efficient carrier network. Cubyn leverages shipping data from millions of parcels to improve the customer satisfaction for merchants and marketplaces alike.
“Covid has accelerated the need for merchants to have a reliable, scalable and tech fulfilment solution. We’re excited to work with Cubyn to scale their business across Europe in the next few months, unlocking access to their cutting-edge fulfilment tech for more merchants,” says Antoine Izsak at Bpifrance Large Venture fund.
“The team has built a world class fulfilment solution very efficiently in only 18 months very. Cubyn now has the best technology and processes to win the European Market and we are very excited to be part of this rollout phase,” says Louis Bô, Investment Director at Eurazeo.
“International merchants represent 60 per cent of Cubyn’s merchants. Their integrations with some of the world’s best marketplaces along with their European network coverage unquestionably make Cubyn the best option for international merchants looking to expand in Europe. We look forward to working with Adrien and the team to help him optimise and tailor the product through this crucial phase of the company’s growth,” says François-Xavier Copé, Founding Partner at First Bridge.