MPD Group secures £3.85 million development capital investment
Manchester based software company MPD Group has announced an additional £3.85m development capital fundraise. This new capital will be used to continue the development of Electio, MPD Group’s revolutionary new delivery management platform. It will also help to grow delivery comparison site My Parcel Delivery and to further strengthen the Group’s executive team.
The deal follows MPD’s most recent fundraise in early 2015. This latest deal was led by NVM Private Equity, who invested £2.5m, with Praetura Capital and Seneca Partners following their money.
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.
Investment in the company to date has allowed the business to develop Electio, entirely in-house, and bring the new product to market, with initial customers already secured and being on-boarded. 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.
Founder and CEO of MPD Group, David Grimes said: “I’m extremely honoured to be able to announce this latest round of funding, which brings us to a total of £6.5m raised since 2013. It will be crucial in the development of Electio in particular as we continue to make huge strides in shaking up the delivery industry. I’m also delighted that, in addition to securing NVM’s first investment, MPD has received support once again from Praetura Capital and Seneca Partners, and I’m thrilled to welcome NVM’s Andy Leach to the board.”
Managing Partner of Praetura and Chairman of MPD Group, Mike Fletcher said: "MPD Group has consistently shown itself to be leading the way in innovation in the delivery industry. Electio’s SaaS technology platform is bringing something new and exciting to ecommerce that many retailers have wanted for years. Our focus will be on further developing our capability, building brand awareness and surrounding ourselves with the very best people to take the vision forward. We welcome our friends at NVM on this journey.”
Andy Leach, Investment Partner at NVM, who also joins the board, 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."
Advisors for MPD include Paul Jefferson of Gateley Plc and Matt Noon of Hill Dickinson. NVM was advised by Tim Hamilton of Gunnercooke. Seneca Partners were advised by David Mkhitarian of Hill Dickinson. Financial due diligence was carried out by Grant Thornton, alongside commercial and technology due diligence provided by Intuitus and management due diligence undertaken by Quinn Partnership.
MPD Group’s brands include Electio and My Parcel Delivery which are both headquartered in Manchester. The aim of the group is to create technology and software to enable better fulfilment and deliveries for businesses and consumers worldwide.