27 May Maersk Invests €1.5 Million in the Portuguese Fashion Logistics Startup HUUB
Porto-based HUUB allows online fashion shops to focus on fashion, not shipping. Its platform integrates with ecommerce sites, providing 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 understocking.
The fashion logistics startup has just raised €1.5 million from the Danish shipping giant Maersk, the first investment made by the Danish multinational company in a Portuguese startup. The new funding follows on a €2.5 investment from Pathena in 2018. With this new round, HUUB closes its early-stage investment cycle with a total of
€4.35 million, the largest seed round raised by a Portuguese startup to date.
“We knew we were in an interesting place to negotiate a new investment before the next round – the Series A,” said Luís Roque, Co-founder & CEO of HUUB. “We were looking for “smart money”, which means we wanted to ensure that, besides having the financial capabilities, our new partner could also bring value to the company. Maersk Growth undoubtedly represents the biggest player in this industry, and we are sure that they will continue to be a fundamental partner in HUUB’s growth.”
“At Maersk Growth we are happy to join HUUB on its journey forward,” said Tobias Elmquist, Partner at Maersk Growth. “We have been following HUUB and were impressed with its solution to the supply chain for fashion brands and its fast growth both in terms of customers and revenue. Leveraging Maersk’s industry expertise and global network we look forward to supporting HUUBs plans to further accelerate business growth.”
“Ever since we lead last year’s investment round, we knew that there would be an opportunity to strengthen this seed with a relevant strategic partner,” said Vítor Dinis, Managing Partner and CFO of Pathena. “Maersk Growth is exactly that player, which not only brings financial support, but also the global structure needed to accompany HUUB’s global growth. We are very pleased with how this cycle has been closed, with values that certainly impress not only on the national context but mostly on European and global levels.”
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.
HUUB plans to close 2019 with a revenue of €3.5 million, which represents a growth of around 200% compared to 2018. The startup has also seen a 47% increase in brands in the first half of the year over 2018 as a whole. The startup plans to grow its team to 85 employees by the end of the year.