Huboo raises 33.7 million euros
Ecommerce fulfillment company Huboo has raised 33.7 million euros (29 million British pounds) in a new funding round. This brings the company’s total amount raised to 141.8 million euros (122 million British pounds).
In September, the fulfillment company already announced a growth of 130 percent. It had raked in more than 23.4 million euros (20 million British pounds) in new business. It added 1,100 new customers to its portfolio. The company expected to double in size by the end of this year.
‘Huboo was able to grow thanks to a streamlining of costs and the reduction of overhead.’
This shows that the company was able to grow despite challenging market conditions. According to Huboo, this growth was the result of a streamlining of costs and the reduction of overhead by approximately half.
€141.8 million raised in total
Now, the platform has successfully raised 33.7 million euros in a funding round. It was backed by existing investors. These include Ada Ventures, Maersk Growth and lenders HSBC and Blackrock. In total, the company has now raised 122 million British pounds (around 141.8 million euros).
‘Our team has worked hard to maintain our growth trajectory.’
“Our team has worked incredibly hard over the last 12 months to maintain our growth trajectory despite a poor macro outlook for ecommerce, introducing new services, like introducing automation for enterprise clients, to enhance our customers’ experience and sustain our mission to revolutionize, simplify and transform ecommerce fulfillment”, said CEO and co-founder of Huboo, Martin Bysh.