myParcelDelivery.com secures £1m-plus investment from Praetura Capital
Startups 100 2013 and Young Gun-listed company to use deal to develop "ground breaking innovations"
Online parcel delivery comparison site myParcelDelivery.com has announced that it has secured a seven-figure sum from investment management firm Praetura Capital.
Listed at the number one spot in the Startups 100 2013, Manchester-based myParcelDelivery.com works with leading courier firms, including Parcelforce, Hermes and City Link, to enable users to book and pay for parcel shipping through its website at a cheaper rate than if they went direct to the brands themselves.
Launched in June 2010 by 2011 Young Guns David Grimes and Paul Haydock, the delivery start-up says it has increased its turnover year-on-year, with revenues growing by 46% in 2013 and 50% growth projected for this financial year.
It intends to use the investment, the exact amount of which is currently undisclosed, to focus on creating new online tools for its customers and enhance its Bulk Shipping Tool, which allows customers to ship multiple parcels in one transaction, and its eBay Shipping Tool which automates data entry and delivery bookings for eBay sellers.
The funding will also go towards expanding its team members to 20 employees by the end of the year.
As part of the deal, Mike Fletcher and David Foreman, partners at Praetura Capital, will be joining its board.
myParcelDelivery.com managing director, Grimes (pictured), commented: “This new investment will enable us to accelerate our growth plans, to offer creative parcel delivery services and tools to expanding e-commerce businesses and to give the rapidly growing parcel delivery market the innovation it needs.
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“The e-commerce sector has seen tremendous growth in the past 12 months and the traditional approach of taking parcels to the Post Office and queuing should be a thing of the past for the entrepreneurial firms that are fuelling the turnaround in on-line retail and the wider economy.”
David Foreman added: “The business has been growing at an impressive rate thus far and we believe that the development capital provided should enable the company to invest in technology and people which will allow it to accelerate that growth further.”