Fin, London’s premier operator in sustainable logistics, announced today that it has raised $7 million in seed funding and plans to expand its operations to the US. This funding round was led by MaC Venture Capital and participated in by Side Door Ventures, Pearls Capital, and Simplex Ventures.
With this funding, Fin is able to scale its operations, now supporting over 100 e-cargo bikes and 100 electric vans used to deliver between 7,000 and 14,000 parcels throughout its home base of London daily. This expansion to the US, with plans to launch in New York City in early 2025, will mark the company’s first venture outside the United Kingdom. Fin will continue, with plans to expand into five additional UK cities in 2025.
Fin’s approach to logistics deploys electric vans and e-cargo bikes, peddled by a driver and built to carry up to 250kg. This method reduces delivery times and eases congestion while also cutting carbon dioxide emissions significantly compared to traditional delivery methods.
Fin provides next-day delivery even for late-night orders, with parcels ordered as late as 10:00 PM still arriving the next day. And businesses using Fin have reported saving an average of 24 hours on deliveries. Fin’s commitment to innovation and sustainability is at the core of Fin’s success, making it a versatile solution for urban deliveries.
Fin already attracted an impressive roster of clients, including AG1, Ricoh and GRIND, who have since leveraged the company’s logistics agility and consumer satisfaction to scale sales in the UK. And since acquiring last-mile operator Urb–It, Fin has allowed major commerce suppliers, including MetaPack, Metafour, nShift and Intersoft to fast-track operations across the UK.
The integration with Fin’s API is designed to be quick and seamless. Fin’s proprietary AI-powered technology platform creates optimized routes offering full transparency to clients and end customers. Machine learning algorithms analyze real-time and historical data to forecast delivery delays, predict traffic or weather impacts, and assess the likelihood of unavailable recipients. During deliveries, AI makes real-time adjustments for unexpected events, ensuring minimal disruption to follow the most efficient route.
Fin is now actively revamping commerce by offering its solution to a broader range of companies, meeting the demands of a market that increasingly values sustainability while keeping costs low for consumers and providers. And looking ahead, Fin is focused on continuing its rapid expansion while maintaining its commitment to sustainability and innovation and aims to deploy 500 more bikes this year across both the UK and New York.
KEY QUOTES:
“New York is a natural next step for us as we continue to revolutionize urban logistics. The often congested city drastically needs an eco-friendly delivery solution and a more reliable way for New Yorkers to receive the packages they order. This funding, along with our success in London thus far and the strategic acquisition of Urb-It earlier this year, propels Fin towards profitability and our goal of bringing sustainable, efficient last-mile delivery to new markets. We look forward to integrating with new partners and delivering more packages safely, efficiently and sustainably for US residents.”
-Rich Pleeth, CEO of Fin
“The MaC team has supported Fin since its inception, and we are fully confident in the team’s ability to scale as the company expands its footprint beyond the UK and into the US market. Fin’s innovative approach to sustainable urban logistics aligns perfectly with the growing global demand for customer convenience, while prioritizing eco-friendly options. The company’s rapid growth in London has demonstrated not only the effectiveness of its model but also the strong market appetite for greener, more efficient delivery options. We believe Fin is well-positioned to shift the culture of urban logistics, especially in New York, where residents need a better solution for efficient, safe and environmentally friendly deliveries.”
-Marlon Nichols, Managing General Partner and Co-Founder of MaC Venture Capital
