Parcel2Go, described as the UK’s largest parcel delivery comparison website, is set to close its Crowdcube campaign with more than £1 million thanks to nearly 1300 investors. The equity crowdfunding initiative was launched last month and quickly raised its initial £500,000 funding target.
As previously reported, Parcel2Go claims it has generated top-line revenue of £56 million in the 2016/2017 fiscal year. Earnings before interest and taxes (EBIT) stood at £1.9 million and has grown 25% in the first six months of the year. The company reported it currently has over 800,000 customers that may review more than 20 courier companies in the search for the best pricing. Recently, the company completed its first acquisition, National Pallet.
Parcel2Go services go like this: Customers are able to drop off their parcel at any of over 20,000 shop location and can book 24 hours a day to send anything from a letter to a pallet. Parcel2Go is said to be especially popular with small eBay and Amazon sellers. Parcel2Go also creates and runs websites for major carriers, including UPS, DPD, and TNT. At the time of the Crowdcube campaign’s launch, James Greenbury, CEO of Parcel2Go, stated:
“We have had numerous requests over the years to invest in Parcel2Go, but this will be the first time we will be offering shares to anyone other than the people who work at Parcel2Go. Before the opportunity to invest in Parcel2Go is made public, we decided to give Priority access to our customers to invest in this Crowdcube raise as their support over the years has been tremendous. Our existing customers will continue to play a crucial role in raising awareness amongst the 10m UK parcel senders who don’t yet know about Parcel2Go.”
Funds from the Crowdcube campaign will be used to continue the expansion of its white label solutions both in the UK and international, along with developing in-house capabilities for German, French, Spanish, Italian, Polish, and Dutch languages. The funding round will close on Thursday.
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