Huboo, an eCommerce fulfilment company based in Bristol, has secured £29 million in investment from existing investors Ada Ventures and Maersk, as well as lenders HSBC and Blackrock. This latest investment takes the company’s total investment to £122 million. Huboo plans to use the funds to achieve profitability, expand its market and achieve sustainable long-term growth. Despite challenging economic conditions, Huboo has achieved 100% growth in the past year, bringing in over £25 million of new business and adding 800 new clients to its expanding portfolio. The company’s European presence has also grown and the Dutch operation exceeded £5 million ARR for the first time in 2021.
Huboo utilises software to operate efficient and cost-effective fulfilment. Its software provides a complete end-to-end fulfilment proposition, allowing clients to liaise with the same team members and enabling the company to directly receive and process retailers’ orders in real-time. Huboo also developed “micro hubs” to replicate the inputs, processes and outputs of a complete warehouse. This approach allows teams to work quickly, intelligently and on a set client portfolio, as well as reducing annual warehouse staff turnover to just 2.5%, compared to some warehouse statistics of 205%.
Huboo was founded by CEO and co-founder Martin Bysh and CIO Paul Dodd in 2017. Starting with just two safe storage lockers in Bath, it has grown to 10 warehouses across Europe and a total headcount of over 750. Matt Penneycard, partner at Ada Ventures, said “The upside is effectively unlimited here, and the team has more than justified all of our faith since that first investment.”