Porto-based fashion logistic firm HUUB recently raised €1.5 million from the Danish shipping giant Maersk—the first investment made by the latter in a Portuguese start-up. The funding follows a €2.5-million investment from Portuguese venture capital firm Pathena in 2018. With this, HUUB closes its early-stage investment cycle with a total of €4.35 million.
This is the largest seed round raised by a Portuguese start-up till now. With the funding, HUUB plans to triple the number of brands it has in its portfolio, expand its European logistics operations and grow its team to further develop its commercial strategies and technology, according to a website dedicated to technology start-ups in Europe.Porto-based fashion logistic firm HUUB recently raised €1.5 million from the Danish shipping giant Maersk—the first investment made by the latter in a Portuguese start-up. The funding follows a €2.5-million investment from Portuguese venture capital firm Pathena in 2018. With this, HUUB closes its early-stage investment cycle with a total of €4.35 million.#
HUBB allows online fashion shops to focus on fashion, not shipping. Its platform integrates with e-commerce sites, offering a full range of logistics solutions, including production follow-up, picking, storage, stock management, order fulfillment, packing and shipping. HUUB’s algorithms also analyse sales to determine replenishment strategies and prevent under-stocking.
HUUB plans to close 2019 with a revenue of €3.5 million, which represents a growth of around 200 per cent compared to 2018. The start-up has also seen a 47 per cent rise in brands in the first half of the year over 2018 as a whole. (DS)
ALCHEMPro News Desk – India
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