Huboo, an online store based in Bristol, secures £29 million. The new funding raises the company’s total raised to £122 million. It comes from lenders HSBC and Blackrock as well as current investors Ada Ventures and Maersk Growth.
The startup claims to have expanded 100% in the last 12 months, including £25 million in new revenue and the addition of about 800 new clients, including sports teams Bristol Sport and West Ham FC as well as UK drink brand AU Vodka.
Notable numbers in and of themselves, but especially significant in light of the difficult market conditions. Huboo highlights two critical aspects of delivery: a roughly half reduction in overhead and a streamlined set of prices.
Huboo CEO and co-founder Martin Bysh shared: “Our team has worked incredibly hard over the last 12 months to maintain our growth trajectory despite a poor macro outlook for e-commerce, introducing new services, like introducing automation for enterprise clients, to enhance our customers’ experience and sustain our mission to revolutionise, simplify and transform e-commerce fulfilment.”
Ada Ventures partner Matt Penneycard adds: “Never in my career in VC have I seen an investment opportunity with the scale prospects of Huboo. Ada Ventures invested in the first round, and every round since, because we saw the opportunity to mix state-of-the-art technology with operational know-how in a sector that had yet to be digitised. The upside is effectively unlimited here, and the team has more than justified all of our faith since that first investment.”
CEO Martin Bysh and CTO Paul Dodd entered the market in 2017 because they saw a chance to look at eCommerce fulfilment in a new way. Huboo was thus born.
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