Quiqup has raised £20m in Series B funding in a round led by JOBI Capital, a New York-based fund.
The London-based startup also drew investment from Transmed, a prominent consumer goods distributor operating in the Levant, Gulf and Africa. Some of the firm’s existing investors also participated.
Today’s news comes after the startup closed an undisclosed Series A in September 2015.
Bassel El Koussa, Quiqup’s CEO and co-founder, said: “As consumer expectations change, retailers of all sizes and verticals will be expected to offer flexible, efficient, and affordable delivery services.
“Time is a precious commodity for today’s consumer and Quiqup was created to help people make more time for what they enjoy most.
“Today’s investment brings us one step closer to our goal of bringing on-demand delivery to the mass market, and we’re thrilled to have JOBI and Transmed join us on this venture, as well as to have the continued support of our existing investors,” he added.
Founded in 2014, Quiqup claims to have experienced 170% year-on-year growth and completed more than 500,000 orders to date.
The firm now employs more than 100 people and over 2,000 self-employed couriers.
Bilal Mekkaoui, managing partner at JOBI Capital, who will join Quiqup’s board, commented: “Quiqup has developed an exceptional portfolio of on-demand delivery products, and has already implemented its last-mile logistics offering very successfully across a wide range of retail sectors.
“We see the last-mile delivery space as having huge market potential not just in the UK but globally, and have been impressed with how quickly Quiqup has established itself as a leading player in the sector.”
Quiqup will use the funding to expand its algorithmic capabilities in order to provide better delivery estimates and anticipate demand patterns.
The firm is also expected to deploy the funds in an attempt to strengthen its operations and create additional products for its customer base.
Currently active in London, Quiqup is set to launch in several major cities across the UK throughout this year, while it looks to kickstart its international expansion.