Shutl Secures Additional $3.2 Million Funding and Announces Global Expansion Plans Starting With U.S.
e.ventures and Notion Capital invest in same-day delivery service
LONDON, Oct. 11, 2012 /PRNewswire/ -- Shutl, the world's fastest and most convenient e-commerce delivery service, today announced that it has secured an additional $3.2 million in equity investment. The funds will be mainly used to drive the company's North American launch in Q1 2013 and was led by Shutl's existing shareholders and two new investors e.ventures and Notion Capital. This news follows a $2 million investment earlier in the year from UPS Strategic Enterprise Fund, Hummingbird Ventures and others.
Shutl's point-to-point delivery model enables delivery of online purchases either within minutes of purchase or a 1 hour window of the shoppers choice. The service is already offered across the UK by a handful of major retailers. With these new funds, Shutl will launch across North America, starting with New York and San Francisco in Q1 2013 via a number of multi-channel retailers. Phase two will see the service roll-out across 10 additional North American cities, including: Atlanta, Boston, Chicago, Houston, Los Angeles, Miami, Philadelphia, Washington, Montreal and Toronto.
Andreas Haug, Partner at e.ventures said, "We are convinced that innovative logistics concepts that enable a faster, more comfortable and more reliable delivery will act as significant growth engines for e-commerce. In addition, offline retail will benefit from these solutions, which allow local retailers to acquire and retain customers online. Shutl is the pioneer in this segment and perfectly positioned to enter international markets. We are excited to work with Tom and his team on an international basis and grow this business to the worldwide leader in local delivery."
"Notion looks to invest in fast-growing, internet-based businesses with the potential to disrupt large, and often complacent, markets – in this way Shutl is a great fit for us," said Jos White, Partner at Notion Capital. "Shutl provides an innovative solution to the 'last mile' delivery challenge giving customers the products they want, when they want them. We couldn't be more excited to be making this investment and believe they can build both a large and global business."
"e.ventures and Notion Capital have a wealth of experience as both investors and entrepreneurs launching disruptive web-services all over the world," comments Tom Allason, Founder and CEO, Shutl. "We are delighted to be supported by them and our existing investors in our efforts to build a brand that changes delivery forever, in the UK, the US and beyond."
For further information please contact:
PR for Shutl in the U.S.
Tel: +1 646 738 8963
PR for e.ventures
Tel: +1 415 869 5200
PR for Notion Capital
Tel: +44 207 842 3211
PR for Notion Capital
Tel: +44207 842 3245
Shutl is the UK start-up that promises to bring delivery up to speed by letting shoppers get what they want, when they want. The service connects retailers to local same-day courier companies, enabling online and in-store customers to receive their shopping within as little as 90 minutes or within a 1-hour window of their choice. Shutl currently holds the record for the world's fastest e-commerce delivery; a shopper taking receipt of their goods within 15 minutes of checking out online. Shutl was founded by veteran entrepreneur Tom Allason, also known for founding eCourier.co.uk. The company operates 24/7 in 50+ towns across UK with a virtual fleet totaling thousands of couriers already completing tens of thousands of deliveries every day. Shutl counts Argos, Aurora Fashions, Karen Millen, Maplin and Style-Passport amongst its retail partners
Founded in 1998 and built on a strong, shared culture of entrepreneurship, e.ventures is a venture capital firm with global scale. The firm invests out of dedicated funds in five geographies, namely BV e.ventures (U.S.), e.ventures Europe, e.ventures Russia, Infinity e.ventures (China and Japan) and Redpoint e.ventures (Brazil and Latin America). The e.ventures team has been investing in Internet companies for more than 15 years and operates as one team by combining a global investment strategy and philosophy with local presence and insights. Focused exclusively at the intersection of consumer Internet, media and mobile, e.ventures aims to help entrepreneurs build transformative companies. www.eventures.vc
About Notion Capital
Notion is a venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-as-Service (SaaS) markets. The Notion team has unique expertise and experience in the Cloud Computing market having founded, built and exited Star and MessageLabs, two highly successful businesses in the space. Companies within Notion's portfolio include Brightpearl, eSellerPro, NewVoiceMedia, The Currency Cloud and Tradeshift. For more information go to www.notioncapital.com
About The UPS Strategic Enterprise Fund
The UPS Strategic Enterprise Fund is the private equity strategic investment arm of UPS. Established in 1997, the Fund is a corporate venture capital group that focuses on developing critical partnerships and acquiring knowledge returns from its investments in information technology companies and emerging market spaces. UPS is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS (NYSE: UPS) serves more than 220 countries and territories worldwide with information available at www.ups.com.
GeoPost operates in more than 30 countries and is Europe's third largest express delivery provider. GeoPost UK is wholly owned by La Poste, the second largest postal operation in Europe and is represented in the UK by the following brands: Interlink Direct, Interlink Express and DPD
Hummingbird Ventures is a seed and early-stage venture capital fund for high-growth digital media and software companies. In addition to funding, Hummingbird leverages its extensive operational experience and worldwide network to actively help startups accelerate their growth. Investments include Avinity (acquired by Active Video networks; data centre technologies (acquired by Symantec); Clear2Pay, a leading e-payments company and Q-layer (acquired by Sun Microsystems)
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