MetaPack, a provider of delivery management solutions for retailers, today announced it has received a £20 million investment from venture capitalist (VC) giant, Index Ventures.
The Farringdon-based start-up said the investment will be spent on building support and products for existing customers, enhancing cross-border capabilities, and fuelling growth across Europe, the US and Asia.
MetaPack, which is run by founder and chief executive Patrick Wall, was founded in 1999 to manage e-commerce and delivery systems for retailers. Today, the company claims that over 75 percent of the UK's top 100 retailers are using the MetaPack platform, including M&S, John Lewis and ASOS.
The investment comes following a period of sustained expansion for MetaPack, which has seen annual revenue growth of 60 percent over the last four years.
As a result of the deal, Index partner Dominique Vidal, the former chief executive of Yahoo! Europe, will join the MetaPack board, which is chaired by Bob Willett, former chief executive of Best Buy International.
Patrick Wall, CEO and Founder of MetaPack, said: “It’s our job to make e-commerce delivery easier for the retailer and the consumer and this partnership with Index Ventures will contribute exponentially. Dominique and Index Ventures have precisely the right expertise and experience to help us in developing our international growth strategy.”
Vidal added: “Over the last three years in particular, MetaPack has changed the face of online logistics, transforming the supply chain for a host of leading UK retailers. Now it is perfectly positioned to repeat that success across Europe and in global markets.”
Index Ventures’ investment portfolio already comprises an array of blue-chip technology companies including Skype, Last.fm, ASOS, MySQL and Betfair.
Speaking at an event in Oxford last week, Ophelia Brown, an investor at Index Ventures, said: "In 2012, our portfolio companies generated over €4 billion of revenue and added 12,000 jobs. It’s our job as VCs to keep supporting innovation. This means working with them from the earliest possible stage."
Brown added that she believes there are a number of European firms that have the potential to become billion dollar companies, such as food delivery service JustEat, game developer Rovio and content management system Alfresco.