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Logistics and fulfilment company Pargo, announced it has secured an R15-million round of funding for expansion and development purposes.
The round was led by SAAD Investment Holdings, along with Beijing-based VC firm, Tsing Capital, and co-founder of Pay-U, Johan Dekker.
“We are very pleased with the quality and endorsement of our new shareholders, and the possibilities of accelerating our expansion, as well as adding new services that these new funds open up for us,” write directors and co-founders Lars Veul and Derk Hoekert (both pictured above), in a press release to Ventureburn.
Along with the investment announcement, the CEO of SAAD Investment Holdings, Johan du Preez, will be joining Pargo’s board of directors.
“Pargo has clearly hit a vein of consumer need with its logistics-oriented fulfillment services. In combination with its proprietary technology and first-mover advantage, this latest investment — coupled with the collective guidance from the investor consortium — should serve to solidify the business’s lead position in this market,” says du Preez.
The company was founded by Lars Veul and Derk Hoekert in 2015. Pargo allows customers to send and receive parcels at designated points around SA, which are situated in retail stores. In November of the same year, the company grew to 1500 pickup points and added 500 Clicks stores in 2016.
According to the press release, Pargo sees 629% year-on-year revenue growth, with a 463% client base increase.