Surrey-based fulfilment and national delivery business Diamond Logistics has secured a GBP2.5 million investment from BOOST&Co.
The funding will be used to continue developing the firm’s ‘one-stop’ logistics platform Despatchlab, accelerate the growth of its network and build on the demand created by the UK lockdowns.
Established in 1992 and led by founder and chief executive Kate Lester, Diamond Logistics provides local and national fulfilment and delivery to businesses across the UK. The firm has since pivoted from being a traditional logistics business operating its own fleet of vehicles, to becoming an organisation at the forefront of logistic and fulfilment technology.
The business has developed its own platform, Despatchlab, that brings client users and network partners together. Through Diamond Logistics’ innovation, its customers and third-party logistics providers can successfully support SME and national retailers that are at the forefront of consumer fulfilment. As consumers are now demanding same and next-day deliveries more frequently, its ‘one-stop’ logistics platform supports customers in meeting this growing requirement.
BOOST&Co has chosen to work with Diamond Logistics because the business presents a compelling opportunity to work alongside one of the fastest growing logistics companies founded by a female entrepreneur. The business has seen exceptional demand for its services and is well placed to capitalise on strong market drivers across the logistic and eCommerce sectors.
BOOST&Co is a provider of growth capital for innovative, fast-growing UK SMEs and offers loans ranging from GBP1 million to GBP10 million, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than GBP500 million across more than 130 deals to date and provided close to GBP200 million under the government’s CBILS initiative to support SMEs during Covid-19.
Kate Lester, chief executive and founder at Diamond Logistics, says: “BOOST&Co is a good partner for Diamond Logistics as its team is entrepreneurial and visionary.
“The team has supported our vision for the future of same-day fulfilment and embraced the opportunity that Despatchlab provides, not just for our own network, but vertical markets such as retail too.
“This supports also allows us to retain our independence, with 95 per cent of equity still owned by myself, and our team.”
Kim Martin, head of the south and Midlands at BOOST&Co, says: “We are absolutely delighted to support Kate and the team at Diamond Logistics and help them achieve their future growth plans.
“Diamond Logistics offers a compelling service and we are very excited by the opportunities Despatchlab presents for them and the market as a whole.”
