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European law firm Fieldfisher has advised HIVED, the London-based emission-free parcel delivery service, on a US$12.4 million Series A funding round led by Planet A, a Berlin-based investment fund partnering with European green tech start-ups.
HIVED's existing investors Maersk Growth, Eka Ventures and Pale blue dot also participated in the financing.
This new round of investment enables HIVED to accelerate its growth as it continues to build its green, efficient and affordable parcel delivery service and cement its position as the leading sustainable parcel delivery provider in the UK and other key European markets.
Parcel delivery has skyrocketed thanks to the societal shift to ecommerce, but fossil-fuel powered delivery systems are highly polluting. HIVED, which was co-founded by Murvah Iqbal and Mathias Krieger, aims to make a tangible contribution in decarbonising logistics by operating an entirely electric fleet.
Since raising its initial seed round in August 2021, HIVED has consistently grown its revenue through delivering for some of the biggest retailers including ASOS, ZARA as well as some of the fastest growing SME’s such as Candy Kittens, Vitl and Pip & Nut etc.
HIVED's service incorporates industry-leading features, including a dynamic delivery window estimated time of arrival (ETA), live tracking, in-flight redirect options, customisable customer communications and merchant dashboards with carbon-saving reporting.
HIVED plans to use the new funding to invest further into its team, technology and a state of the art new warehouse to facilitate its growing EV fleet.
The Fieldfisher team advising HIVED on its Series A round was led by Senior Associate Andy Oliver from the firm's Emerging Companies and Venture Capital team.
Murvah Iqbal, co-CEO of Hived said:
"It has been truly fantastic working alongside Tom, Andy and the rest of the Fieldfisher team on this. They were extremely trustworthy, diligent and committed throughout the whole process. I'm excited to continue working with them in the future."
Commenting on the funding round, Corporate Partner Tom Ward added:
"HIVED is a fantastic example of sustainability-focused businesses with great metrics still being able to attract VC investment in challenging global market conditions. Investors and consumers want to see more businesses offering solutions to climate change issues, and the leaders in this field are taking advantage of this demand to scale up their operations.
"Congratulations to Murvah & Mathias on securing this important financing, we wish them all the best as they continue to scale."
Fieldfisher's Emerging Companies and Venture Capital team advised on US$1.3 billion (€1.2 billion) of transactions in 2022, including a number of significant investments in sustainable businesses.