Prova has continued to build its growing portfolio of early-stage businesses operating at the forefront of cleantech, envirotec and future mobility, by announcing an undisclosed investment in Zedify, the UK’s largest electric cargo bike delivery network.
The move comes as part of a £5m investment round led by Barclays Sustainable Impact Capital and MEIF Proof of Concept & Early Stage Fund, with additional funds from the Green Angel Syndicate. Perfectly positioned to capitalise on demand for low carbon logistics, the capital injection will be used to further expand Zedify’s pioneering service, making it available to c.20% of the UK population.
Richard Postins, founder of Prova, commented: “According to data from the Parcel Shipping Index, annual deliveries in the UK are responsible for more than 353,600t of CO2 emitted per annum. Transport, as a sector, accounts for 21% of global emissions – with road transport alone responsible for some 15%.
“With the ambition of tackling the issue head-on, Zedify provides sustainable ‘first and last mile’ deliveries using cargo bikes in city centres, where vans can’t operate efficiently and create both congestion and air pollution. Their clients include major retail brands, leading national parcel carriers and local independent businesses across 10 UK city locations.
“We’re thrilled to be welcoming Zedify to our portfolio. Over the past decade, we’ve worked hard to invest in the cleantech, envirotec and future mobility pioneers of tomorrow – seeing two successful exits this financial year alone. Zedify is a great fit for Prova and we’re looking forward to supporting the company’s commercial ambitions, as it brings sustainable logistics to more cities across the UK.”
Rob King, founder of Zedify, added: “Zedify’s model delivers tangible benefits – significant carbon reduction in the last mile; a fairer system for workers which counteracts the gig economy; cleaner, safer deliveries that contribute to healthier, more liveable cities; and more choice for consumers about how and when they receive their parcels. It’s exciting to have the backing of new and existing investors to enable us to realise our mission to transform urban logistics and create cities that are truly better for everyone.”
To find out about Zedify, visit www.zedify.co.uk. More information about Prova can be found at: www.provapr.co.uk/investments.
ENDS