A British technology company which helps online retailers serve their customers more efficiently has secured £29m in new funding as it plots a path to profitability.

Sky News understands that Bristol-based Huboo, which was founded in 2017 by Martin Bysh and Paul Dodd, has raised the funding from existing investors including Ada Ventures and Maersk.

Huboo’s lenders, HSBC and Blackrock, are also understood to have extended their financial backing to the company.

The company works with e-commerce providers ranging from small merchants to major multinational brands, and now operates ten warehouses across Europe.

It helps clients, who include the drinks brand AU Vodka and West Ham United FC, integrate their online offering with global sales channels such as Amazon, eBay and Shopify.

Huboo now employs more than 750 people, having halved costs during the last year to mitigate challenging market conditions.

Mr Bysh, Huboo’s chief executive, said: “Despite a challenging fundraising environment, the latest investment round is a testament to the confidence our investors have in our long-term vision and strategy.

“Our team has worked incredibly hard over the last 12 months to maintain our growth trajectory despite a poor macro outlook for e-commerce, introducing new services, like introducing automation for enterprise clients, to enhance our customers’ experience and sustain our mission to revolutionise, simplify and transform e-commerce fulfilment.”

In total, Huboo has raised £122m since it was founded.

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Matt Penneycard, a partner at Ada Ventures, said: “Never in my career in venture capital have I seen an investment opportunity with the scale prospects of Huboo.

“Ada Ventures invested in the first round, and every round since, because we saw the opportunity to mix state-of-the-art technology with operational know-how in a sector that had yet to be digitised.

“The upside is effectively unlimited here.”

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