Shift, the on-demand logistics tech platform, has announced that following a recent investment it has now raised total capital of £10m.
This includes £1.3m from Fuel Ventures, an early-stage EIS fund based in London that invests solely in ambitious technology companies.
The business operates as a customer-facing tech platform that aims to deliver a low cost service that makes an undisrupted market efficient – similar to Uber and taxis / Just Eat and hospitality etc. It has a direct to consumer offer and also works with businesses to support their logistics functions. IKEA is a current partner.
CEO, Jacob Corlett said: “I am incredibly proud of the rapid growth we have achieved over the last three years, and would like to thank all of our shareholders for supporting our journey so far.
“Shift is revolutionising the way businesses and consumers think about deliveries. If our taxis, food delivery and hospitality services are now on demand, without a premium price tag, we don’t see why the courier market should be any different. As our brand grows, we are inundated with drivers wanting to sign up to our platform and join the Shift marketplace. Our ability to beat traditional courier services on price is ensuring that demand is relentless. With our firm plans to support this growth through strategic M&A, we are incredibly excited about the coming years for the business.”