E-commerce fulfilment provider Huboo raises £60m funding
Huboo, the full-stack, software-driven e-commerce fulfilment platform, today announced the close of its £60m Series B financing led by Mubadala Capital. This new investment adds to the £14m Series A funding raised last year and will help fuel Huboo’s expansion into continental Europe.
Founded in 2017 by Martin Bysh and Paul Dodd, the company has expanded its operations from one warehouse in Bristol to operating four fulfilment centres across the UK. It has recently opened a site in the Netherlands and plans to roll out its operations across multiple other European markets over the next 12 months. To date, Huboo has acquired over 1,000 customers – ranging from small direct-to-consumer (D2C) merchants to larger e-commerce brands – resolving critical challenges in their order fulfilment process, from warehousing and inventory management to order logistics and shipping.
The raise comes after 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 since April 2019.
Martin Bysh, co-founder and CEO of Huboo, said: “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can set up an online store-front and start selling within hours, the infrastructure powering e-commerce is alarmingly outdated, inefficient, inflexible and expensive.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.”