The logistics group has scored a big win from the Australian fund
Australian-based logistics and last mile delivery business Hubbed has secured a $12 million investment from the Australian Business Growth Fund (ABGF) for 2022.
The ABGF provides growth capital to Australian businesses, with Hubbed receiving the investment that incorporates a 30 per cent voting interest for the fund.
The ABGF invested in Hubbed for its innovative pick-up drop-off (PUDO) model that allows further choice for carriers, retailers and consumers through an alternative delivery service.
Hubbed says it allows consumers to choose when and where they receive parcels, giving them flexible options to pay for items and have them delivered or returned in an environmentally friendly manner.
The model allows consumers the option to receive delivers from designated collection points across 2,150 locations nationally including outlets at 7-Eleven stores, BP service stations, National Storage and more.
Companies like Toll, UPS, DHL, eBay and FedEx all currently use Hubbed to strengthen their delivery capabilities.
ABGF CEO Anthony Healy says the fund was excited to continue supporting companies like Hubbed.
“Since launching we have been able to provide capital opportunities for businesses like Hubbed who have strong potential for growth and an innovative strategy that shows a clear point of difference in the market,” Healy says.
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Hubbed founder and CEO David McLean says the fund is a reward for the company’s work in the PUDO collection scheme.
“Partnering with ABGF has been a completely different experience to other financial organisations I’ve encountered,” McLean says.
“ABGF’s people, values and culture sealed the deal for me. I know they are as invested in our long-term success as we are.”
The ABGF investment allows Hubbed to scale up collection points to 3,000 nationwide and expand the collection services available to customers and partners.
The investment will also be used to accelerate new last-mile service offerings as well as give access to a board of engaged advisors.