Logistics technology company Shift Group has more than tripled gross merchandise value revenue in 2022.
The London scaleup’s current run rate is £36 million – and it is plotting further growth with new backing from Hambro Perks.
Described as ‘significant’ growth funding, It is the first investment from Hambro Perks’ newly launched Growth Debt fund.
Shift Group is a B2B and B2C firm which has built an AI-driven marketplace to connect retailers, businesses and customers automatically with van and truck drivers.
In addition to the support from Hambro Perks Growth Debt, Shift has raised over £20m in equity since inception in 2017.
“With the help of the new funding, Shift will continue to grow the size of the marketplace, providing flexible income to thousands of drivers and fleets,” said Michael Saunders, CFO of Shift.
“We have ambitious plans to scale our marketplace and grow globally. We are confident that with the continued support from our investors, we can achieve our goals.”
Hambro Perks Growth Debt Fund was launched in 2022 to support UK and European high-growth scaleup companies with non-dilutive growth capital, focusing on B2B SaaS and patented hardware companies.
The £100 million pan-European Fund has recently had its first close and is led by industry specialist David Hayers, supported by a UK-based team. The investment in Shift was led by Usman Ali and Ylan Lamour.
“We are excited to be supporting Shift, a tech-driven business in the evolving logistics sector, bringing transformative products to the market,” said fund partner Ali. “Shift’s technology and algorithms work to digitalise legacy systems, improving the efficiency of the logistics industry while also helping reduce negative environmental impact, aligning with our sustainability focus as an investor.
“The innovation we see from Shift is pioneering, and we are confident that it will help advance and improve the dynamics of the logistics industry in the long term.”