Shift, a London-based on-demand logistics tech platform transforms the delivery and logistics industry. Now, the company announced that it bagged £1.3 million in funding, which took its total investment to £10 million.
Eyes 300% growth
The funding round was led by Fuel Ventures, a leading early-stage EIS fund based in London that invests solely in ambitious technology companies. With the already secured funds, Shift was able to drive its organic and strategic acquisitive growth, as it continues to disrupt the multi-billion pound UK courier market.
The on-demand logistics company continues to allow consumers and businesses to move items efficiently using its UK-wide network of drivers. Also, it has grown to over 10,000 self-employed and fleet drivers.
To date, Shift has supported over 220,000 customers in the UK. Furthermore, the business is eyeing to witness 300% growth in active customers in its current financial year.
Disrupts UK logistics market
Shift was founded by Jacob Corlett in 2017. Since then, it offers customers and businesses a low cost, on-demand delivery service via smart algorithms that filter through the pre-existing routes of registered drivers / fleets to find a best match between customer and driver.
The company is claimed to have a pipeline of acquisitions and plana to grow via both organically and M&A. Already, Shift has secured partnerships with a number of major retailers, including IKEA, to provide customers with personalised delivery solutions.
As of the first financial year that ended on March 30, 2021, Shift incrased Gross Marketplace
Value (GMV) from £0.8 million. This represents a CAGR of 114% per annum.
Jacob Corlett, CEO of Shift, said: “Shift is revolutionising the way businesses and consumers think about deliveries. If our taxis, food delivery and hospitality services are now on demand, without a premium price tag, we don’t see why the courier market should be any different. As our brand grows, we are inundated with drivers wanting to sign up to our platform and join the Shift marketplace. Our ability to beat traditional courier services on price is ensuring that demand is relentless. With our firm plans to support this growth through strategic M&A, we are incredibly excited about the coming years for the business.”
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