My Parcel Delivery seals £1m funding from Praetura Capital
ONLINE parcel delivery comparison platform My Parcel Delivery has raised more than £1m in development capital funding to boost its growth.
The Salford-based company plans to invest in new staff and also in its technology including the development and launch of mobile applications after its deal with Manchester-based Praetura Capital.
Launched in June 2010 My Parcel Delivery has enjoyed strong growth, with revenues rising 46% last year. It currently has 10 staff, but this number is expected to double this year as a result of the investment.
More than 600,000 parcels are sent through the website a year and are shipped nationally and internationally via a number of leading courier companies including DPD, City Link, Parcelforce and Hermes.
Managing director, David Grimes said: “This new investment will enable us to accelerate our growth plans, to offer creative parcel delivery services and tools to expanding e-commerce businesses and to give the rapidly growing parcel delivery market the innovation it needs.
“eBay sellers in particular are demanding greater efficiency to protect their customer feedback ratings and we need to support them in achieving that.
“Businesses need an alternative to Royal Mail that’s cheaper, more efficient and more in tune with the way they operate modern e-commerce enterprises.”
Praetura Capital’s Mike Fletcher and David Foreman are joining My Parcel Delivery’s board as a result of the investment.
Mr Foreman, partner at Praetura Capital, said: “We believe that David has the drive and ambition to build a class leading solution in the broader e-commerce sector. The business has been growing at an impressive rate thus far and we believe that the development capital provided should enable the company to invest in technology and people which will allow it to accelerate that growth further.”
My Parcel Delivery received legal advice from Ward Hadaway, and corporate finance advice from KM Business Advisory. Law firm Gateley acted on behalf of Praetura with due diligence conducted by Grant Thornton.
