Bristol-based e-commerce fulfillment platform Huboo has raised £29 million in new capital as it strives towards profitability.
Provided by existing investors including Ada Ventures and Maersk Growth and lenders HSBC and Blackrock, the fresh injection of capital brings the company’s total amount raised to £122 million.
According to the startup, over the past 12 months, they’ve posted 100 percent growth, specifically citing £25 million in new business and the addition of some 800 new clients, including UK drinks brand AU Vodka and sports clubs West Ham FC and Bristol Sport.
Likewise, Huboo says that it surpassed £5 million in ARR earlier this year.
Impressive figures in their own right, but particularly noteworthy given challenging market conditions. Huboo points to a streamlining of costs and the reduction of overhead by approximately half as crucial factors in delivery.
Huboo CEO and co-founder Martin Bysh shared:
“Our team has worked incredibly hard over the last 12 months to maintain our growth trajectory despite a poor macro outlook for e-commerce, introducing new services, like introducing automation for enterprise clients, to enhance our customers’ experience and sustain our mission to revolutionise, simplify and transform e-commerce fulfilment.”
In for the long haul
On the further commitment to Huboo’s vision, Ada Ventures partner Matt Penneycard adds:
“Never in my career in VC have I seen an investment opportunity with the scale prospects of Huboo. Ada Ventures invested in the first round, and every round since, because we saw the opportunity to mix state-of-the-art technology with operational know-how in a sector that had yet to be digitised.
“The upside is effectively unlimited here, and the team has more than justified all of our faith since that first investment.”
Lead image: Huboo team members. Photo: Uncredited.