Shutl set for US take-off with backing from e.ventures and Notion Capital
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E-commerce delivery service Shutl has secured an additional $3.2 million (£2 million) of investment to go with the $2 million it received in August.
Notion Capital and e.ventures are investing in London-headquartered Shutl to fuel its upcoming launch into select markets in the US.
The two firms are leading a $3.2 million (£2 million) equity investment, with return contributions coming from UPS Strategic Enterprise Fund, Hummingbird Ventures and other individual backers.
Shutl's platform, which is used by businesses such as catalogue retailer Argos, electronics chain Maplin and clothing brand Coast, provides point-to-point delivery services of online purchases.
With the service already available throughout the UK in major cities, Shutl now plans to move into the US market in 2013. Its efforts will begin by targeting New York and San Francisco in the first quarter of 2013 and it will then look to start operating in other cities including Boston, Chicago, Miami and Los Angeles.
The business was founded in 2009 by entrepreneur Tom Allason who had previously established and built up his eCourier.co.uk business.
Allason comments, 'e.ventures and Notion Capital have a wealth of experience as both investors and entrepreneurs launching disruptive web-services all over the world.
'We are delighted to be supported by them and our existing investors in our efforts to build a brand that changes delivery forever, in the UK, the US and beyond.'
Andreas Haug, partner at US-based e.ventures, says, 'We are convinced that innovative logistics concepts that enable a faster, more comfortable and more reliable delivery will act as significant growth engines for e-commerce.
'Shutl is the pioneer in this segment and perfectly positioned to enter international markets. We are excited to work with Tom and his team on an international basis and grow this business to become the worldwide leader in local delivery.'