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London-based delivery startup Quiqup has successfully raised £20 million in its Series B funding round. The investment was led by Jobi Capital, a New York-based fund, and saw participation from Transmed, a leading distributor of fast-moving consumer goods, along with existing investors.
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Quiqup offers a unique “shop on your behalf” app that operates similarly to Jinn in Europe or Postmates in the U.S. In addition to its popular B2C service, the startup has been steadily growing its B2B business. With the newly acquired capital, Quiqup plans to expand its operations to other cities across the UK, moving beyond its current base in London. The funding will also be utilized to kick-start the startup’s international expansion efforts.
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CEO Bassel El Koussa explains that a significant portion of the investment will be dedicated to enhancing Quiqup’s tech platform. The company aims to hire more engineers and data scientists to improve its algorithm, resulting in better delivery estimates and the ability to anticipate demand patterns more effectively.
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Initially designed to provide local same-hour delivery for anything ordered through its app, with a focus on food delivery, Quiqup has since expanded to cater to a broader range of products and industries, becoming completely vertical agnostic.
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The company now offers last-mile delivery services to businesses through its B2B offering, which includes a web app called “Quiqdash” for smaller retailers and a full API integration service for large retailers’ e-commerce solutions.
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Quiqup has already formed valuable partnerships with renowned brands, such as Burger King and Whole Foods in London, and has ventured into non-food verticals, including working with independent florists and pharmacists.
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El Koussa emphasizes that the B2B segment now accounts for approximately 45% of the company’s business, up from 40% at the beginning of the year. He further hints at undisclosed partnerships with other major retailers, signaling continued growth potential.
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Quiqup’s impressive growth journey includes a 170% year-on-year increase since its inception, and it has successfully completed over 550,000 orders. The startup presently boasts a workforce of more than 110 employees, while more than 2,000 self-employed couriers, known as “Quiqees,” have joined the platform since its inception.
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Although the percentage metric might not fully reflect the company’s success, Quiqup’s achievements demonstrate its significant impact in the delivery space. Rival Jinn recently announced surpassing 1 million completed deliveries since its launch in 2014, with 5,000 registered couriers, of which around 1,000 are active monthly.
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With the latest round of funding, Quiqup is poised to continue its journey of revolutionizing on-demand delivery, offering flexible, efficient, and affordable services to consumers and businesses alike.
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The startup’s mission is to empower people by providing them with more time to enjoy the things they love most, and with the support of investors like Jobi Capital and Transmed, Quiqup is one step closer to achieving this vision.