Maersk Group has invested €1.5m in the Portuguese fashion logistics HUUB. The investment was completed by Maersk’s Corporate Venture unit Maersk Growth and represents Maersk’s first investment in a Portuguese start-up.
HUUB developed an integrated logistics platform for the fashion industry known as Spoke, that manages end-to-end interactions from suppliers to final customers in over 123 markets and allows visibility throughout the supply chain. By integrating with e-commerce sites, Spoke provides logistics solutions, including production follow-up, picking, storage, stock management, order fulfilment, packing, and shipping. HUUB’s algorithms also analyse sales to prevent understocking and determine strategies for replenishment. HUUB has seen a 47% increase in brands in the first half of the year over 2018.
Tobias Elmquist, Partner at Maersk Growth, said: “We were impressed with HUUB’s solutions to the supply chain for fashion brands and its fast growth both in terms of customers and revenue. Leveraging Maersk’s industry expertise and global network we look forward to supporting HUUB’s plans to further accelerate business growth.”
Vítor Dinis, Managing Partner and CFO of Pathena – that also invested €2.5m in HUUB in 2018 – said: “Maersk Growth brings financial support and the global structure needed to accompany HUUB’s global growth.”
HUUB plans to triple the number of brands in its portfolio, expand its European logistics operations especially in Portugal and Holland, and further develop its commercial strategies and technology. HUUB aims to grow its revenues by 200% year-on-year to €3.5m in 2019.
Source: EU-Startups
