My Parcel Delivery secures additional £500,000 two months after £1m funding round
No.1 Startups 100 2013 company to increase position in e-commerce and delivery logistics market
Online delivery comparison site My Parcel Delivery, ranked at the top spot in the Startups 100 2013, has closed £500,000 from investment firm Seneca Partners, just two months after it secured £1m from Praetura Captial to fund business growth.
Launched in June 2010 by Young Guns David Grimes and Paul Haydock (who has since exited), Manchester-based My Parcel Delivery works in partnership with leading courier companies such as Parcelforce, Hermes, and City Link, to enable customers to book and pay for parcel shipping through its site at a cheaper rate than going directly to the courier brand itself.
The delivery company has enjoyed impressive growth since its launch and now sends more than 600,000 parcels worldwide every year and claims to have grown revenues by 46% on last year’s figures.
Its latest funding round, which was facilitated via the government’s Enterprise Investment Scheme (EIS), is set to go towards its expansion strategy which includes developing “innovative new” technology and building its IT, marketing, and customer services teams.
My Parcel Delivery managing director, David Grimes, said: “This latest investment reflects the confidence that the funding community has in both My Parcel Delivery’s growth potential and the scale of the opportunity that exists in the e-commerce and delivery logistics market.
“We were approached by Seneca Partners following our deal with Praetura and I instantly knew they would add real value to our business in addition to any capital invested.”
Richard Manley, director at Seneca Partners, added:
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“We consider My Parcel Delivery a good investment with its proven concept, growing turnover, profitability and excellent leadership.”