Quiqup, a London-based on-demand delivery startup, has raised £20 million in a Series B round led by JOBI Capital along with logistics firm Transmed and existing investors to improve its algorithms and launch in more cities.
The startup connects on-demand couriers with businesses and individuals for last mile delivery. The company’s services include mobile and web apps for consumers and smaller retailers to handle orders and deliveries and an API for larger businesses to implement the service into their own sites.
Quiqup said in a statement that it has delivered over 550,000 orders and had 170% growth year-on-year since it launched in London in September 2014.
The company said its service “levels the playing field” for smaller retailers against ecommerce giants.
“As consumer expectations change, retailers of all sizes and verticals will be expected to offer flexible, efficient, and affordable delivery services. Time is a precious commodity for today’s consumer and Quiqup was created to help people make more time for what they enjoy most,” commented CEO Bassel El Koussa. “We see the last-mile delivery space as having huge market potential not just in the UK but globally, and have been impressed with how quickly Quiqup has established itself as a leading player in the sector,” said Bilal Mekkaoui, managing partner at JOBI Capital, who is joining Quiqup’s board.
The new funds will be invested in product development, specifically its algorithms for determining demand patterns and delivery estimates. It plans to launch in other UK cities this year with a view to international expansion.
It’s currently only active in London where its competes with the likes of Jinn, a food and retail store delivery service that raised $10 million earlier this month.