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Seneca provides investment to My Parcel Delivery

Seneca provides investment to My Parcel Delivery

A FUND managed by North West financial group Seneca has taken a stake in postal comparison website My Parcel Delivery after investing £500,000.

It follows a £1m investment by Manchester-based Praetura Capital two months ago.

Launched in June 2010 My Parcel Delivery has enjoyed strong growth, with revenues rising 46% last year. It currently has 10 staff, but this number is expected to double this year as a result of the investment.

More than 600,000 parcels are sent through the website a year and are shipped nationally and internationally via a number of leading courier companies including DPD, City Link, Parcelforce and Hermes.

Seneca has invested through an Enterprise Investment Scheme (EIS) fund which offers tax breaks for those involved. It plans to raise around £25m in this way this year and bought Manchester-based corporate finance house Acceleris in March to help it reach this target.

Seneca director Richard Manley said: “We consider My Parcel Delivery a good investment with its proven concept, growing turnover, profitability and excellent leadership. We are certainly excited to be working with them.”

My Parcel Delivery’s managing director David Grimes said: “This latest investment reflects the confidence that the funding community has in both My Parcel Delivery’s growth potential and the scale of the opportunity that exists in the e-commerce and delivery logistics market. We were approached by Seneca Partners following our deal with Praetura and I instantly knew they would add real value to our business in addition to any capital invested.

“Our current plans for building a winning team and technology will have a major impact on the shipping industry, especially at a time of rapid growth in the e-commerce market and the need for affordable, high quality delivery technology and services.”

See the article in full at insidermedia.com