How Bloq.it reached $100M annual revenue in 5 years.

From Tuna Can to Tech Giant: Bloq.it’s Journey to 100M Parcels Annually

Mr. Miha Jagodic, CEO and co-founder of Bloq.it, shared invaluable insights into his company’s remarkable growth at Web Summit Lisbon 2025. Bloq.it specializes in smart parcel locker technology, a solution that has become increasingly prevalent. Headquartered in Lisbon, the company’s six-year journey is distinctly split into two three-year phases, each presenting unique challenges and triumphs.

The latter three years marked a period of hyper-growth for Bloq.it, earning it recognition from Deloitte as one of Europe’s fastest-growing companies. During this time, Bloq.it generated over €150 million in revenue and dramatically expanded its workforce from 1.5 to 350 employees. They also successfully closed one of the largest Series B investment rounds for a Portuguese-based company, now processing over 100 million parcels annually.

The initial three years, which Mr. Jagodic candidly described as the “tuna can period,” were fraught with difficulties. As first-time founders, the team navigated a market where parcel lockers were not yet mainstream. The high costs associated with developing hardware and software, alongside deployment and maintenance, made securing early-stage funding a significant hurdle, reflecting common startup struggles.

Mr. Jagodic offered crucial advice for aspiring entrepreneurs. His first key takeaway emphasized the importance of unwavering focus and consistency. He urged founders to “stick to the plan,” cautioning against premature pivots. He stressed the necessity of giving a strategic direction ample time to demonstrate its potential before making drastic changes.

The second vital lesson revolved around smart fundraising. Bloq.it strategically avoided raising capital when in desperate need, instead opting to secure investments during opportune moments. This approach involved keeping investors well-informed, fostering a mutual understanding that allowed for fair and equitable terms for all parties involved in the funding rounds.

The third piece of advice, “slay dragons,” highlighted the importance of addressing problems proactively while they are still manageable, preventing them from escalating. Finally, Mr. Jagodic underscored that it is “never too late to work on the fundamentals” of a company. This includes being prepared to make organizational changes and ensuring the right talent is in the correct roles, recognizing the long-term impact of today’s decisions.