eCourier’s intelligent approach attracts new investors
Logispring, who focus on building businesses for global supply networks, is the sole investor in this funding round and has obtained a minority stake in the business.
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The deal marks another high point in the innovative company’s history who picked up a prestigious Startups Award last year, for their unique contribution to the courier industry.
The awards judges were impressed by how customers were able to track their consignment online in ‘real-time’, and how the business used technology to enhance efficiency.
The investment will be used to accelerate eCourier's growth, in the London market and beyond.
Tom Allason, chief executive of eCourier, said: “We plan to use the funding to firstly expand our operations in London and secondly to move out across the country.
“The second part of our expansion will through acquisitions and we expect this phase to take place toward the end of next year.”
Logispring partner Marcel Timmer joins the board of eCourier as a non-executive director. He said: “We are committed to supporting eCourier's ambition in leveraging its scalable platform to expand its service footprint in London and other markets."
Logispring is eCourier's first institutional investor, although the company has previously attracted funding from Esther Dyson (CNET Networks), Stuart Wheeler (IG Index) and Harry Cragoe (PJ Smoothies).
The company, founded in September 2004, now make 20,000 deliveries every month and have over 100 couriers in London. Investment bank Spayne Lindsay & Co. advised eCourier on the transaction.
© Crimson Business Ltd. 2006
