On-demand removals marketplace secures £1.3m investment
On-demand removals marketplace Shift has secured £1.3 million investment from Fuel Ventures.
The investment fund, which recently raised £20 million in its third round, has invested £1.3m in Shift.
Entrepreneur Jacob Corlett launched the online platform, dubbed 'Uber for removals', in February 2018, expanding on his own home removals and logistics business, which he started at the age of 17.
The business has made an annual turnover of £1.7m and attracted a nationwide network of more than 4,000 self-employed drivers and secured partnerships with retailers, storage specialists and delivery companies.
Shift offers customers an on-demand service to move items at any time of the day.
The online platform combines technology with algorithms in real-time to find drivers or delivery services for each job from its UK-wide network.
Shift plans to use the funds from Fuel Ventures, along with a further £1.2 million from additional angels and investors, to strengthen its current operation, increase its brand awareness and expand its team.
“My first company was a 'man and van' removals service,” said Jacob Corlett, founder of Shift.
“I started the business when I was just 17 years old and built it from the ground up, but as disruptive apps and companies like Uber, Airbnb and Deliveroo began to gain popularity, I saw that my customers' expectations were changing.
“I decided to apply the same business model to the removals market, and that's where Shift started.
“The business has taken off at an exceptional rate - in just over one year, we have achieved an annual turnover of £1.7 million and attracted a nation-wide network of self-employed drivers.
“It's a very exciting time for us and I'm very pleased to have the backing of Fuel Ventures to strengthen Shift even further.”
Mark Pearson, founder of Fuel Ventures, added: “This is an exciting time for Fuel Ventures and its start-ups, and Shift is a fantastic addition to our portfolio.
“Jacob has identified a clear gap in the sector and has created a much-needed solution.
“The business has already achieved outstanding growth in its first year and has potential to completely transform the removals industry. We look forward to seeing what they will do in this space.”
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