My Parcel Delivery raises additional £2m for development
2013 Startups 100 winner has formed a parent company to bring new technology products to market
Online courier comparison service My Parcel Delivery, ranked first place in the Startups 100 2013, has announced an additional £2m funding package from Praetura Capital, Seneca Partners and the Greater Manchester Combined Authority.
The company was launched in 2010 by 2011 Young Guns David Grimes and Paul Haydock and enables users to book and pay for parcel shipping from leading courier firms including Parcelforce and City Link at competitive rates.
This latest funding follows £1.5m secured by the Manchester-based company in 2014 and will be used to support the development and launch of its new delivery management Software as a Service (SaaS) platform Electio.
My Parcel Delivery will now be positioned alongside the Electio brand within its newly formed parent company MPD Group.
Grimes, CEO of the MPD Group, commented: “This additional investment has made it possible for us to go ahead with a complete restructure of the Group, allowing us to invest heavily in the technology and expertise that will ensure our new software venture, Electio, is a success, as well as seeing the My Parcel Delivery website continue to grow at over 40% per year.
“The journey I’ve been on since first establishing My Parcel Delivery in 2010 has been an exciting one and I’m very much looking forward to the next chapter of our growth as we diversify into new markets with our market leading technology platform.”
Mike Fletcher, founding partner of Praetura Capital and chairman of MPD Group said: “My Parcel Delivery has shown that its technology and services are tapping into a growing e-commerce delivery market that is ready for something new.
“The growth figures alone reveal that the company is offering customers what they want, and we are very excited about the launch of Electio which we expect to shake up the delivery industry further.”