Huboo, a British fulfillment services provider for e-commerce businesses, has raised £60 million ($82 million) in Series B funding led by Mubadala, an Emirati-based powerhouse. Huboo’s exponential growth over the last two years has been fueled in part by a significant increase in e-commerce penetration.
The funding will aid its expansion across continental Europe; it has already opened its first mainland European base in Eindhoven, the Netherlands, and will soon open its first Spanish fulfillment center in Madrid.
“While anyone can set up an online storefront and start selling within hours,” Martin Bysh, CEO and co-founder, said in a press release, “the infrastructure powering e-commerce is alarmingly outdated, inefficient, inflexible, and expensive.” “This is the problem we set out to solve with our hub model, which gives online retailers of all sizes – from part-timers to fast-growing D2C leaders – flexibility and affordability in the incredibly complex fulfilment piece.”
“We’re ecstatic to have Mubadala on board, and we’re looking forward to putting our plans into action.” This funding allows us to expand our service offering, continue software development, and invest more in our growing team on a global scale. Our goal is to enable seamless, borderless trade for e-commerce businesses of all sizes by taking care of the complexity of fulfillment,” Bysh continued.
“Huboo’s product addresses one of the most pressing issues facing e-commerce businesses: order fulfilment is a critical function for these businesses, but it is not one of their core competencies. Huboo provides a superior fulfilment experience by combining logistics with a user-friendly software platform, allowing businesses of all sizes to focus on core activities such as product development while managing growing demand from customers,” said Fatou Bintou Sagnang’s partner at Mubadala Capital Ventures.
“Episode 1 is ecstatic to keep supporting Bysh and Paul Dodd. We’ve been blown away by their growth and speed of execution since leading their first round of funding in April 2019, and we’re looking forward to working with the new investors to support the team as they build a category defining company,” Damien Lane, co-founder and partner at Episode 1, said.
“Huboo is a bright spot in UK tech, and we’re especially excited to see a Bristol-based company succeed in this way!” At breakneck speed, Bysh and Dodd’s incredible vision is becoming a global reality. Their proprietary technology drives their innovative approach to fulfillment logistics, which has resulted in happy employees and happy customers – no small feat! “We’re so proud of them and their team at Ada Ventures, and we’re thrilled that this is a company we’ve backed from the beginning, all the way to this growth round, where we also invested a large SPV,” Matt Penneycard, founding partner at Ada Ventures, said in a statement.
“Huboo accomplishes the seemingly impossible: delivering cost-effective high-precision e-commerce fulfillment to businesses of all sizes and levels of complexity. Huboo is a pioneer in how it approaches logistics (as an interconnected set of lego blocks linked by software) and how it approaches people (as a group of empowered self-starters obsessed with customer success). “We’re doubling down because it’s a start-up worth backing,” Fred Destin, founder of Stride.VC said.