Shutl receives investment from European postal company
UK-based Internet start-up company Shutl has accepted investment from a European postal group. Shutl’s service connects retailers’ e-commerce platforms with local same-day couriers – allowing for a fast delivery at a cost comparable to the traditional 1-2 day delivery service and “far faster than the traditional ‘hub and spoke’ courier services”.
The company boasts that its delivery service allows customers to receive their online or in-store orders in as little as 90 minutes, as well as offering a 1-hour window service, available 24/7.
Shutl announced it accepted £650,000 in funding led by Hummingbird Ventures and a major European postal group – who at this stage wishes to remain anonymous “while they work with Shutl to assess and develop market extension possibilities across Europe and determine the best strategic fit alongside their existing services”.
Shutl, who recently completed a successful pilot with Argos, confirmed it will use the funding to build a sales team, expand its in-house software, and explore international opportunities.
Barend Van Den Brande, managing partner of Hummingbird Ventures, said: “Shutl has a disruptive proposition that is loved by customers and operates within the rapidly growing ecommerce market.
“These fundamentals alone are very attractive to an investor but now we also have a partner capable of truly accelerating Shutl’s market potential.”
Shutl was formed by CEO Tom Allason, previous founder of eCourier.co.uk. He said: “I am particularly excited at the prospect of collaborating with a strategic investor that already has local infrastructure and retailer customers across Europe.”
“We were in discussion with a number of VCs when we were approached by this party however felt that no traditional investor could bring as much to the table. We still expect to look for series funding towards the end of 2011, however we now have enough runway to launch with several additional UK multi-channel retailers and to begin exploring the market right across Europe.”
Shutl has already won a number of awards, including: Technology Breakthrough Business award at the MediaGuardian Innovation Awards 2011; the Econsultancy Innovation Award for E-commerce; and best venture-backed business at the 2010 Startups Awards.
