On-demand delivery app Jinn has raised a $10m Series B round led by STE Capital, a family investment office.
According to TechCrunch, existing investor Samaipata Ventures, a Spanish VC firm which largely specialises in the e-commerce space, also participated in the round.
Co-founded by Spanish entrepreneurs Leon Herrera, Joseba Mendivil and Mario Navarro, the firm is believed to have 5,000 couriers registered on its platform, with 1,000 of these actively working on a monthly basis.
Jinn, which is headquartered in London, has now raised $20m in funding, which is significantly less than what some of its competitors have secured to date.
With this in mind, the company told TechCrunch it is planning on using the cash to grow and consolidate its position in its main markets.
Criticism
The startup, which claims to have completed more 1 million deliveries since it launched in late 2014, was criticised after it, like many other firms operating in the gig economy, modified its payment structure, meaning its drivers would receive a decreased hourly rate.
At the time, Business Insider UK covered the strikes organised by Jinn’s drivers, held outside of the firm’s offices in East London.
Today’s raise comes after Jinn closed a $7.5m Series A in April 2016.