We are delighted to announce that following the close of Series B funding, led by Emirati-based powerhouse Mubadala, we have raised £60m ($82m) in investment. The funding comes on the back of our exponential growth driven in part by a step change in eCommerce penetration over the past two years.
The investment will help propel our expansion across continental Europe, having already opened our first mainland European base in Eindhoven, The Netherlands and soon to be opening our first Spanish fulfilment centre in Madrid.
The raise comes after an incredible 24 months of growth which has seen the company’s revenues grow 10x in 2020. The round was led by Mubadala Capital and joined by existing investors including Stride, Ada Ventures, Hearst Ventures, Episode 1 and Maersk Growth, and takes Huboo’s total funding raised to nearly £80 million ($104m) since April 2019.
Scores of new and existing retail businesses now see their future in e-commerce, but while anyone can set up an online store-front and start selling within hours, the infrastructure powering e-commerce is alarmingly outdated, inefficient, inflexible and expensive.
“This is the problem we’ve set out to address with our hub model, which brings flexibility and affordability to the incredibly complex fulfilment piece so that online retailers of all sizes – from part-timers to fast-growth D2C leaders – can benefit.
“We’re thrilled to have Mubadala on-board and are looking forward to developing our plans. This raise enables us to roll out our proposition on a wider international scale, as well as expand our service offering, continue our software development and further invest in our growing team. By taking care of the complexity of fulfilment, our goal is to enable seamless, borderless trade for e-commerce businesses of all sizes.”
“Huboo’s product solves one of the most critical pain points for e-commerce companies – while order fulfilment is a core function for these companies, it is not part of their core competency. By combining logistics with a user-friendly software platform, Huboo delivers a superior fulfilment experience and allows businesses of all sizes to continue focusing on core activities such as product development, while managing growing demand from their customers.”
“Episode 1 is delighted to continue to back Martin and Paul. Having led their first round of funding in April 2019, we’ve been blown away by the growth and the speed of execution and are looking forward to working with the new investors to support the team as they build a category defining company.”
“Huboo is a shining light of UK tech, and we’re particularly delighted for a Bristol-based company to be succeeding this way! Martin and Paul’s incredible vision is becoming a global reality at supersonic speed. Their innovative approach to fulfilment logistics is powered by their proprietary technology, which has led to happy employees and happy customers – no mean feat! Ada Ventures is so proud of them and their team and we’re thrilled that this is a company we’ve backed right from the start, all the way to this growth round where we also invested a large SPV.”
“Huboo does the seemingly impossible – to deliver high-precision ecommerce fulfilment cost effectively to businesses of all sizes and levels of complexity. Huboo innovates both in how it looks at logistics, as an interlocked set of lego blocks connected by software, and how it looks at people, as a team of empowered self-starters obsessed about customer success. It’s a start-up worth backing and that is why we are doubling down.”
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The great news for our new and existing customers is that we’ll have more physical presence across continental Europe than ever before. For our existing customers that means you can choose to fulfil orders from fulfilment centres in overseas countries, so that you’re closer to your global customers for speedy and reliable shipping.
For new customers, this provides an abundance of opportunities for retailers based in The Netherlands, Spain, Germany etc to fulfil goods using our award-winning service. By rolling out our eCommerce fulfilment service, we are continuing to democratise eCommerce so that every business of all sizes can enjoy the same access to fulfilment and logistics (which has often been a barrier to growth).
Get in touch with us via our contact form for more info and to get a quote.
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