On the dot lands £8 million in funding
Last mile delivery startup, On the dot, has received an additional investment of £8 million from its parent company, City Sprint Group.
This new round of funding will go towards product development, senior hires and international expansion, and builds on the £17.7 million invested in On the dot since its establishment in 2015.
The venture has landed more than 100 customers including Asos, Currys PC World, Dixons and Wickes. In June, its platform passed the half a million deliveries milestone, with 2018 revenues standing at nearly £4 million to date.
The latest investment has enabled the appointment of Ben Nowlan as Chief Revenue Officer. He was previously the co-founder and CEO of last mile delivery startup, Sherpa. The company has also hired a new Technical Director, Taher Khaliq, previously the Director of E-commerce Platform at PhotoBox.
“The delivery market is a tough one. UberRush left the sector in March and despite significant funding being provided for numerous startups in this space, they have struggled to achieve scale. Achieving the combination of scale and market traction in the dynamic market of on-demand delivery, whilst delivering a great customer experience, has proven difficult for many, large and small,” says Santosh Sahu, CEO, On the dot.
“Our heritage in the delivery space means we’re uniquely placed to win. While our rivals are using data gained from pilots and early stage commercial activities, On the dot enters with decades of expertise in managing final mile collections and deliveries, more than 10 years’ worth of delivery data, and national and local scale through a fleet of more than 5,000 couriers. The additional £8 million in funding means we can more aggressively hone our already unrivalled offering and focus on international expansion. The UK is just the beginning.”