NVM delivers £2.5 million development capital for MPD Group. .
5 May 2016
NVM Private Equity (NVM) has led the recent fundraising round for Manchester based software company MPD Group. NVM has invested £2.5 million which will enable the business to continue to develop and deploy their new, disruptive Electio SaaS product. Electio is an innovative and effective delivery management platform enabling retailers to rapidly increase the number of delivery options they offer to their customers.
MPD Group was founded by Manchester entrepreneur David Grimes in 2010. Initially David and his ambitious team operated delivery comparison site MyParcelDelivery.com, subsequently developing Electio, a SaaS based technology platform which allows e-commerce businesses to offer greater delivery choices to their customer, whilst automatically optimising courier spend. Both businesses now trade within the MPD Group umbrella, whose aim is to create technology and software to enable better fulfilment and deliveries for businesses and consumers worldwide.
The new investment will be used to continue the development of both Electio and My Parcel Delivery whilst strengthening further the Group’s executive team.
As part of the transaction Praetura Investors and Seneca Partners will be re-investing and providing strategic support to the MPD Group management team. In addition, GMCA has increased its debt funding in order to offer continued support to the Group as it looks to double its workforce over the next 12 months.
David Grimes, CEO of MPD said: “I’m extremely honoured to be able to announce this latest round of funding, which brings us to a total of £6.5 million raised since 2013. This latest fundraise will be especially important in the development of Electio as we continue to make huge strides in shaking up the delivery industry. I’m thrilled to welcome NVM’s Andy Leach to the MPD Board.”
Andy Leach of NVM Private Equity said: “NVM is delighted to be supporting MPD through the next exciting stage of its development. We are pleased to have the opportunity to back such a fast growing business, with a potentially game-changing product and look forward to working closely with David and the talented team that he has built.”
NOTES TO EDITORS
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 email@example.com
- Andy Leach (NVM: Investment Partner) – 0161 935 8419 firstname.lastname@example.org
- Liam May (NVM: InvestmentManager) – 0161 935 8081 email@example.com
Download photos of: David Grimes, CEO of MPD Group – www.nvm.co.uk/PRphotos
Principals and key advisors to the transaction:
Intuitus (Commtech due diligence) – Graham Ridgway and Chris Airey
Quinn Partnership (Management due diligence) – Paul Quinn
Grant Thornton (Financial due diligence) – Anthony Booth and Greg Smith
Gateleys (Legal for MPD) – Paul Jefferson
Hill Dickinson (Legal for management) – Matt Noon
gunnercooke (Legal for NVM) – Tim Hamilton
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £270 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £12 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk
MPD Group companies create technology and software to enable better fulfilment and deliveries for businesses and consumers around the world. The group has its headquarters in Manchester, UK and its businesses include Electio and My Parcel Delivery. Multi award-winning entrepreneur David Grimes heads up the group as chief executive officer and is also a commentator on wider business issues in the media and at conferences across the UK. www.mpd-group.com