We all know how mentally and physically demanding it is to transport bulky items such as storage boxes and furniture from one place to another. With Shift, one can have anything removed or delivered anytime and anywhere thanks to its AI-driven platform that connects retailers, UK SMEs and businesses, and consumers instantaneously with van and truck drivers to move items of all sizes.
Hambro Perks recently announced its first investment from the newly launched Hambro Perks Growth Debt fund (“the Fund”); a multi-million growth funding to Shift Group, a London-based B2B and B2C logistics technology company. Shift received backing from the Fund to help drive the continued growth of the business. In addition to the support from Hambro Perks Growth Debt, Shift has raised a substantial amount of equity since inception. All the key investors spoke highly of Jacob Corlett, the CEO and co-founder and the experienced management team surrounding him.
When we first met Jacob earlier this year, we were immediately struck by his charisma. We were impressed by his youthful drive and determination to grow a successful business, and a few minutes into the conversation, his mission started to make sense. Before us stood a polished CEO who started his first logistics company aged only 17, a company that he grew successfully before exiting and founding Shift. It quickly became clear to us that Jacob has a real understanding of the logistics market and an incredible vision.
Shift’s proprietary technology is effectively a set of clever algorithms that allow you to move your bulky items anywhere in the UK. This is based on the simple idea that there are thousands of delivery drivers across the UK whose time is not fully utilised, especially during periods of downtime. These drivers, therefore, would benefit from taking on extra jobs (delivering large packages, furniture, or anything else) to maximise space in their vans and increase their income. Most importantly, Shift allows for more environmentally friendly deliveries and removals as the drivers ultimately end up reducing their carbon footprint by spending less time on the road and consuming less fuel.
The fact that Shift has continued to grow its revenue year on year, despite the global pandemic and the challenging economic environment, is also very impressive. Net revenue doubled over the last financial year, with the underlying B2B revenue segment growing strongly and forecast to continue the upward trajectory. The potential for future growth is immense, as evidenced by Shift’s recent partnership with IKEA and Homebase, to help customers shopping in store and online to deliver their furniture and other items from store to home at a time that suits them.
We are excited about Shift and look forward to seeing how Jacob and his management team continue to grow the company and disrupt the UK market.