Cargo bike delivery network Zedify has secured a further £4mn investment to grow into more UK cities, with the launch of a new Midlands hub in October this year.
The funding, from Barclays Sustainable Impact Capital, Mercia Ventures, the Midlands Engine Investment Fund (MEIF) and Green Angel Syndicate, will also be used to enhance its technology and expand its teams of riders, sales and customer care staff. Zedify expects to create 80 new jobs, including 20 in the new Midlands hub, and to triple its turnover in the year ahead.
This latest funding round follows a £5mn investment from Barclays, Mercia and Green Angel in March 2023.
“The transition to net zero emission for many sectors is not as simple as swapping from high-emitting fuels to renewables, and this is particularly true of the logistics industry,” noted Gavin Chapman, co-head of principal investments at Barclays.
“Zedify has identified that hyper-local delivery models are needed, in combination with low-carbon transport, in order to decarbonise the industry, reducing pollution within the UK’s cities.”
Since then, the company has almost doubled the size of its team from 113 to 209 and signed up national brands including HelloFresh, Selfridges and Veja.
Currently delivering in Brighton, Bristol, Cambridge, Edinburgh, Glasgow, London, Manchester, Norwich and Plymouth, it plans to operate in 51 UK towns and cities within the next five years.
Rob King, co-founder and CEO of Zedify, commented: “We are seeing a real appetite from leading retail brands and UK-wide businesses looking to transform their last mile logistics and invest in more sustainable delivery models, which is why we have ambitious plans to triple in size this year. This investment will be paramount to that growth, helping us scale to meet the needs of our rapidly expanding customer base.”
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