My Parcel raises £2m for software push
MY Parcel Delivery, the Manchester parcel delivery comparison website, has raised another £2m to fund growth of a new software product aimed at the retail sector.
The company, founded five years ago and now employing 35 people in Trafford, raised £1.5m in 2014. Its existing investors Praetura Capital and Seneca Partners have taken part in the new funding round, alongside the Greater Manchester Combined Authority (GMCA) which is linked to job creation in the region.
The cash will be used predominantly to support the development and launch of Electio, a new delivery management SaaS platform for the retail industry as well as to strengthen the My Parcel Delivery website, which was relaunched in March.
A new group structure has also been implemented, with a parent company called MPD Group.
Founder and majority shareholder David Grimes, chief executive of MPD Group, said: “This additional investment has made it possible for us to go ahead with a complete restructure of the group, allowing us to invest heavily in the technology and expertise that will ensure our new software venture, Electio, is a success, as well as seeing the My Parcel Delivery website continue to grow at over 40% per year.”
Grimes, who was a finalist in EY’s North of England Entrepreneur of the Year awards, says Electio has the potential to be far bigger than My Parcel Delivery.
He added: “We have spent a lot of time on it, and we have developed a new platform to make it easier and cheaper for retailers to dispatch goods to customers.The potential is great.”
Mike Fletcher, founding partner of Praetura Capital – which led the fundraising- and chairman of MPD Group, said: “My Parcel Delivery has shown that its technology and services are tapping into a growing e-commerce delivery market that is ready for something new.
“The growth figures alone reveal that the company is offering customers what they want, and we are very excited about the launch of Electio which we expect to shake up the delivery industry further.”
The company received legal advice from Gateley as part of the fundraise process.
