This latest deal was led by NVM Private Equity, who invested £2.5m, with Praetura Capital and Seneca Partners following their money.
MPD Group was founded by Manchester entrepreneur David Grimes in 2010. Initially David and his team operated delivery comparison site MyParcelDelivery.com, subsequently developing Electio, a SaaS based technology platform which allows e-commerce businesses to offer greater delivery choices to their customer, whilst automatically optimising courier spend.
Both businesses now trade within the MPD Group umbrella, whose aim is to create technology and software to enable better fulfilment and deliveries for businesses and consumers worldwide.
The new investment will be used to continue the development of both Electio and My Parcel Delivery whilst strengthening further the Group’s executive team.
As part of the transaction Praetura Investors and Seneca Partners will be re-investing and providing strategic support to the MPD Group management team. In addition, GMCA has increased its debt funding in order to offer continued support to the Group as it looks to double its workforce over the next 12 months. The Electio brand alone is currently seeking a further twelve .net developers to join the team.
In order to continue to grow, MPD has recently relocated from Trafford Park to its new city centre location in Manchester. The new offices, based in Merchant Exchange on Whitworth Street West, are expected to play a key role in attracting the best talent from across the industry.
David Grimes, CEO of MPD said: “I’m extremely honoured to be able to announce this latest round of funding, which brings us to a total of £6.5 million raised since 2013. This latest fundraise will be especially important in the development of Electio as we continue to make huge strides in shaking up the delivery industry. I’m thrilled to welcome NVM’s Andy Leach to the MPD Board.”
Andy Leach of NVM Private Equity said: “NVM is delighted to be supporting MPD through the next exciting stage of its development. We are pleased to have the opportunity to back such a fast growing business, with a potentially game-changing product and look forward to working closely with David and the talented team that he has built."