Global private equity and venture capital news and research

Venture-backed Shutl bagged by eBay to create one-hour delivery option

24 Oct 2013

Rocket ShuttleVenture capital-backed one-day delivery service Shutl has been bought by eBay as it looks to challenge online retail giants Amazon and Walmart.

The purchase comes 12 months after Notion Capital and became the latest venture backers for the UK-headquartered business, which said it would use the new funding to launch in North America.

That deal followed a $2m investment from Hummingbird Ventures and UPS Strategic Enterprise Fund in early 2012.

eBay president Devin Wenig told the FT that the acquisition would enable the company’s shoppers to get products delivered in as little as an hour in 25 US cities by the end of next year.

A statement from four-year-old Shutl said, “Approximately 75 per cent of commerce happens within 15 miles of the consumer’s home.

“E-commerce is quick and convenient, two things that delivery is not.

“Together with eBay, we believe that we can transform this market and fulfil our mission.

Copyright © 2013 AltAssets


Legals & Terms of UsePrivacy Policy

AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2015