An on-demand removals marketplace that allows both consumers and businesses to move items using its UK wide network of drivers has received backing from leading London-based VC fund, Fuel Ventures.
The fund, which recently raised GBP20 million in its third round, has invested GBP1.3 million as part of their GBP2.5 million raise, allowing the company to strengthen its operations and expand its team.
An on-demand removals marketplace aiming to bring on-demand technology to the removals and deliveries sector has secured investment from leading London-based VC fund, Fuel Ventures.
The investment fund, which recently raised GBP20 million in its third round, has invested GBP1.3 million in Shift.
Entrepreneur Jacob Corlett launched the online platform, dubbed ‘Uber for removals’, in February 2018; expanding on the success of his own home removals and logistics business, which he started at the age of 17.
Since its launch 15 months ago, the business has achieved an annual turnover of GBP1.7 million, attracted a nation-wide network of more than 4,000 self-employed drivers and secured partnerships with some of the UK’s leading retailers, storage specialists and delivery companies.
Shift offers customers and businesses an on-demand, bespoke service to move anything from a single table to a full home or office, at any time of the day. The online platform combines technology with intelligent algorithms in real-time to find the most suitable ‘Shifter’ for each job from its UK-wide network, giving customers complete flexibility to work around their schedules.
Shift plans to use the funds from Fuel Ventures, along with a further GBP1.2 million from additional angels and investors, to strengthen its current operation, increase brand awareness and expand its team.
With a team of experienced entrepreneurs in its principal team, Fuel Ventures was created by founders, for founders. It invests in entrepreneurs who have the ambition to build a global, market leading company, with the passion and ability to execute. Fuel provides entrepreneurs with expertise and insights in business development, marketing and brand-building through its experience of building, scaling and exiting global companies.
At present, Fuel Ventures is investing at the rate of one company a month, setting aside up to GBP2m per portfolio company.
Jacob Corlett, founder of Shift, says: “My first company was a ‘man and van’ removals service. I started the business when I was just 17-years-old and built it from the ground up, but as disruptive apps and companies like Uber, Airbnb and Deliveroo began to gain popularity, I saw that my customers’ expectations were changing. I decided to apply the same business model to the removals market, and that’s where Shift started. With Shift we’re embarking on disrupting a multi-billion industry and won’t stop until we’re market leaders.
“The business has taken off at an exceptional rate – in just over one year, we have achieved an annual turnover of GBP1.7 million and attracted a nation-wide network of self-employed drivers. It’s a very exciting time for us and I’m very pleased to have the backing of Fuel Ventures to strengthen Shift even further.”
Mark Pearson, founder of Fuel Ventures, says: “This is an exciting time for Fuel Ventures and its start-ups, and Shift is a fantastic addition to our portfolio. Jacob has identified a clear gap in the sector and has created a much-needed solution. The business has already achieved outstanding growth in its first year and has potential to completely transform the removals industry. We look forward to seeing what they will do in this space.”