SeedBlink Blog

CUSTO has developed a technology that allows more than 1,500 couriers worldwide to deliver packages simply and efficiently. Our solution simplifies the delivery process for couriers by allowing them to scan packages directly to a parcel box, reading each package's unique barcode, eliminating the need for complicated procedures when a customer is away. This eliminates the need for complicated procedures when the customer is not at home and makes the delivery process not only faster but also more user-friendly and secure.

CUSTO started in 2021 with a focus on B2C, developing both hardware and software to create a marketable product. Already it quickly became clear, through market feedback and interest from large letterbox manufacturers, that CUSTO's technology is unique and that our expertise lies primarily in that area. Large manufacturers are already active in hardware development, but our strength lies in combining both areas of expertise to create an innovative scalable product. The recognition from B2B parties came primarily through validation from the B2C market, with the CES Innovation Award 2024 helping further that our product is very unique.

Thanks to this nomination, CUSTO was awarded a booth at the CES trade show, which allowed us to further expand our network. This accelerated the process toward LOI agreements, of which we have now signed contracts with multiple partners. In this new business model, CUSTO will sell a cassette to B2B parties, who will then integrate it in their turn and sell it to consumers. CUSTO will maintain the relationship with the end customer, by driving the application provided. This grant application aims to scale as well as enable further optimization and expansion of our technology. This is to continue to meet the growing demand from the logistics sector.

1. What motivated you to start Custo, and how has the concept evolved since its inception?

Custo was born out of personal frustration. More and more, as founders, we were buying online which resulted in more and more courier companies coming to us. Each of them with their delivery terms. This usually went well when we were at home, but went we weren't there it became difficult to find our packages.
We wanted a safe, easy guaranteed way to receive but also send our packages, and that for all couriers. That's how the idea was born. On top of that, when we saw that there was no smart home version of a mailbox and online sales kept increasing we started.

2. In your opinion, why is it important to address security and convenience in the delivery process for customers?

According to McKinsey there were 100 billion parcels delivered in 2020, and this number will double by 2030, knowing that 75% of deliveries are at home, we face a huge problem in the future. In the US already more than 2M parcels a day are stolen. If you read all those figures there is a clear need to build a solution that goes a lot further than a metal box. There is a clear need for a custodian/concierge in front of the door that will manage all your purchases/returns easily and conveniently. That is what our technology does.

3. How do you envision Custo making a difference in the delivery solutions market?

Our ambition is to become the standard in the market in terms of mailbox tech. Today we talk with the biggest players in the European market to integrate our technology as they are not tech companies… We will be their tech partner to convert the box into a fully connected/monitored concierge that customers will manage from their pocket.

4. What are some of the key features of Custo that set it apart from other delivery and mailbox solutions?

• Opens by scanning the parcel's T&T code, without knowing the details upfront as we do a real-time check via (+-1500) courier APIs.
• Owners can give access (via mobile app) to everybody sharing unique QR codes (once or recurring), knowing that every delivery is notified on their smartphone.
• The box can also easily be shared with multiple users.

5. What challenges have you encountered in bringing Custo to market, and how have you addressed them?

We have developed the product from scratch, building the PCB, infrastructure, and app. It took us 3 years and a few million to build and test it. Once this was done the real test started as we didn't know how it would be used by couriers. Today we know, having tested it in 4 countries with 20 couriers and having received thousands of parcels that it works. So now it's time to increase the pace and start integrating in large European parcel box manufacturers.

6. How do you see Custo's growth?

We have signed Belgian contracts with big mailbox companies. We aim to sign 2 more (International) by the end of the year which means that volumes will quickly increase to thousands of pieces. We have the ambition to work with the top 3 manufacturers in the coming 3-5 years. We aim to roll out 1 piece of hardware (cassette) that is integrated with the old car radios from the nineties. This hardware costs less than 150€ and has a recurring revenue-sharing model for the manufacturers. This will certainly boost sales, as this is unique in the market.

7. What are potential exit scenarios for investors supporting Custo, and how do you plan to ensure long-term growth?

We aim to be able to sell the company in 5-7 years based on the wramp up. After Europe, the US is certainly a market we want to quickly look at (max 24 months) as the parcel theft issue is a big problem over there.

8. Why should investors consider being part of Custo's journey?

We believe that CUSTO will become a unicorn based on its unique position and the demand from the logistic market for a structural solution. We have a global patent on the technology!

Invest in the opportunity on SeedBlink.