Manchester-based parcel delivery comparison website, My Parcel Delivery has announced that £2m investment has been raised in addition to the £1.5m already secured for the company in 2014.
The additional £2m fundraise, led by Manchester-based Praetura Capital includes follow-on investors, Seneca Partners, as well as the introduction of funding from the Greater Manchester Combined Authority (GMCA) which is linked to job creation in the region. The funding will be used predominantly to support the development and launch of Electio, a brand new delivery management SaaS platform for the retail industry – details of which will be announced soon – as well as to strengthen the My Parcel Delivery website, which was re-launched in March this year.
The comparison website My Parcel Delivery, which was founded by David Grimes in 2010, will now be positioned within a newly formed parent company ‘MPD Group’, which will also house the forthcoming Electio brand. The formation of the Group will allow the company to bring additional technology products to market and look at acquisitions to strengthen the portfolio further, whilst maintaining the mark of quality and trust which customers have come to expect.
David Grimes, CEO of the newly formed MPD Group, said: “This additional investment has made it possible for us to go ahead with a complete restructure of the Group, allowing us to invest heavily in the technology and expertise that will ensure our new software venture, Electio, is a success, as well as seeing the My Parcel Delivery website continue to grow at over 40per cent per year.”
Mike Fletcher, founding partner of Praetura Capital and chairman of MPD Group said: “My Parcel Delivery has shown that its technology and services are tapping into a growing e-commerce delivery market that is ready for something.
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