Shutl, the e-commerce delivery service and Growing Business Awards 2012 finalist, today announced that it has secured an additional $3.2m in equity investment. This follows a $2m investment earlier in the year from UPS Strategic Enterprise Fund, Hummingbird Ventures and others.
The new round of funding, led by Shutl’s existing shareholders and two new investors, e.ventures and Notion Capital, will drive the business’ North American launch in 2013.
Shutl was shortlisted for the Digital Champion award at the Growing Business Awards 2012. Their e-commerce delivery service is already operating in over 50 towns across the UK, connecting couriers with retailers for a super-fast delivery of goods purchased online.
With these new funds, Shutl will launch across North America, starting with New York and San Francisco in Q1 2013. Phase two will see the service roll-out across 10 additional North American cities, including Atlanta, Boston, Chicago, Houston, Los Angeles, Miami, Philadelphia, Washington, Montreal and Toronto.
Known as a pioneer in tackling the obstacles between online retail and delivery, Shutl has enormous opportunities to pursue on a global scale. In the UK alone, the retail delivery vertical is worth around £2.5bn a year to Shutl.
“Notion looks to invest in fast-growing, internet-based businesses with the potential to disrupt large, and often complacent, markets – in this way Shutl is a great fit for us,” commented Jos White, partner at Notion Capital.
“Shutl provides an innovative solution to the ‘last mile’ delivery challenge giving customers the products they want, when they want them. We couldn’t be more excited to be making this investment and believe they can build both a large and global business.”
The newly won support by Notion Capital and e.ventures will surely boost the young business’ efforts to build a brand that transforms delivery completely, adding a great deal of much needed convenience and speed to the process. Will it help them to win the title of Digital Champion 2012? Our judges will decide.
The winners of the 2012 Growing Business Awards, hosted by Real Business and the CBI, will be announced at the awards ceremony, hosted by Steve Cram, on November 27, 2012, at the London Marriott Grosvenor Square.
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