Hubbed secures funding for network expansion
Last-mile logistics and delivery startup Hubbed has drawn a $12 million investment from the Australian Business Growth Fund (ABGF).
Hubbed gives retailers, carriers and consumers options for collection and delivery services outside the home using proprietary technology that integrates with carriers, aggregators, marketplaces and other e-commerce platforms.
The service is used by Couriers Please, DHL, Ebay, FedEx, Sendle, Toll, TNT, and UPS who can deliver to designated collection points across 2150 locations including 7-Eleven stores, BP service stations, National Storage and independent retailers.
Hubbed founder and CEO, David McLean said ABGF’s investment would accelerate the company’s ability to scale significantly.
“ABGF’s expertise and network will elevate our business strategy to the next level.”
McLean said the investment will help Hubbed scale up its collection points to 3000 across Australia and expand services for its customers and partners. The investment will also be used to accelerate new last-mile service offerings, as well as give the business access to a board of engaged advisors.
ABGF was founded with an initial capital of $540 million as a public-private partnership between the Federal Government and six Australian banks and with a unique profit-for-purpose investment model.