Bloq.it has secured EUR €28 million in Series B funding to support expansion and acquisitions as it seeks to accelerate growth in the out-of-home (OOH) logistics sector across Europe.
The funding round represents one of the largest Series B investments ever secured by a company based in Portugal and is notable as the largest for a European out-of-home (OOH) logistics startup. The increase in available capital follows a period of rapid development for Bloq.it, during which the company reported a 73,083% growth in accumulated revenue since 2021. According to the company, its smart lockers now process over 50 million parcels annually, serving millions of users each month.
Bloq.it intends to utilise the investment to grow its team, expand into new European markets, and pursue mergers and acquisitions to continue the pace of its growth. The company plans to deploy the funding primarily towards accelerating team expansion and launching operations in new European countries, as well as driving industry consolidation via strategic acquisitions.
E-commerce now dominates postal deliveries as letter mail volumes decline. According to a 2024 McKinsey report, consumer preferences in parcel deliveries have shifted, with reliability and convenience overtaking speed as the top priorities. The growth of consumer-to-business-to-consumer (C2B2C) sales, driven by platforms such as Vinted and Etsy, has led to an increase in demand for out-of-home (OOH) delivery options.
Over 19 billion parcels were delivered OOH in Europe in the past year, a figure forecasted to rise to 30 billion by 2028 or 2029. This trend underscores the necessity for a robust, scalable, and secure out-of-home (OOH) delivery infrastructure to effectively support consumers and logistics providers as home delivery becomes less viable in many situations.
Bloq.it's growth has been propelled by a technology-centric approach to parcel logistics and its expanding partnerships with major logistics and e-commerce firms, including DHL, GLS, and Vinted Go. Over the past four years, the company has rapidly expanded across more than ten European markets with its integrated smart locker solutions and supporting software.
Miha Jagodic, Chief Executive Officer of Bloq.it, commented on the company's strategic direction, stating, "Our core goal remains to change the parcel delivery status quo. We're accelerating a new standard for delivery: one that's efficient, low-impact, and accessible to every logistics player in Europe."
Bloq.it designs its lockers and systems to offer compatibility with any logistics provider and to be scalable and customisable for various countries, locations, and product types. The company aims to provide secure and reliable alternatives to home delivery, tailored to meet the diverse expectations of consumers.
João Lopes, Chief Operating Officer and Chief Revenue Officer at Bloq.it, said, "Bloq.it is at the core of the transition to out-of-home delivery all across Europe—despite our growth so far, there's a clear feeling that we're just getting started."
Bloq.it was established in Lisbon in 2019 and has grown to become a prominent provider of parcel locker infrastructure in Europe. The company was recently recognised by Deloitte's Technology Fast 500, achieving the second-highest ranking amongst the fastest-growing technology companies in the EMEA region.
The company's expansion plans include opening new facilities in additional European cities and increasing hiring. In recent developments, Bloq.it achieved 100% year-on-year revenue growth, expanded its network with over 5,000 new lockers—representing a 290% annual increase—and launched NEXT, an autonomous locker system designed to operate without traditional power sources or on-grid connections.
Bloq.it has also been recognised by international technology media, including WIRED, and continues to be listed among the fastest-growing technology companies in Europe. The company's client portfolio includes large-scale logistics and e-commerce partners such as Vinted Go, DHL eCommerce, and GLS.
Bloq.it's leadership has indicated that expansion into new European cities and further recruitment are underway as the company executes its post-investment strategy.
