Software company seals £3.85m capital fundraise

MANCHESTER-based software company MPD Group is celebrating an additional £3.85m development capital fundraise.

The new capital will be used to continue the development of Electio, MPD’s revolutionary new delivery management platform, which has cost more than £2m to develop.
It will also help to grow delivery comparison site My Parcel Delivery and to further strengthen the group’s executive team.

The deal follows MPD’s most recent fundraise in early 2015, which raised £2.7m. The latest deal was led by NVM Private Equity, which invested £2.5m, with Praetura Capital and Seneca Partners following with their money.

In addition, GMCA has increased its debt funding in order to offer continued support to the group as it looks to double its workforce over the next 12 months – the Electio brand alone is currently seeking a further 12 internet developers to join the team.

Investment in the company to date has allowed the business to develop Electio, entirely in-house, and bring the new product to market, with initial customers already secured and being on-boarded.

In order to continue to grow, MPD has recently relocated from Trafford Park to its new city centre location in Manchester. The new offices, based in Merchant Exchange on Whitworth Street West, are expected to play a key role in attracting the best talent from across the industry.

MPD founder and chief executive David Grimes told TheBusinessDesk: “Electio is built using all the latest technology and is incredibly fast. It’s incredibly quick and easy to connect to and is highly scaleable.

“It has lots of features and added functionality, like invoice reconciliation, which no one else has in the market.

 “I’m extremely honoured to be able to announce this latest round of funding, which brings us to a total of £6.5m raised since 2013. It will be crucial in the development of Electio in particular as we continue to make huge strides in shaking up the delivery industry.

“I’m also delighted that, in addition to securing NVM’s first investment, MPD has received support once again from Praetura Capital and Seneca Partners, and I’m thrilled to welcome NVM’s Andy Leach to the board.”

Managing partner of Praetura and chairman of MPD Mike Fletcher said: “MPD Group has consistently shown itself to be leading the way in innovation in the delivery industry.

“Electio’s SaaS technology platform is bringing something new and exciting to ecommerce that many retailers have wanted for years. Our focus will be on further developing our capability, building brand awareness and surrounding ourselves with the very best people to take the vision forward. We welcome our friends at NVM on this journey.”