On the dot, part of CitySprint Group, has announced today it has received an additional investment of £8 million from its parent company, which is itself private equity funded.
This new round will help fund On the dot’s further growth: product development, senior hires and international expansion, and builds on the £17.7 million invested in On the dot since its establishment in 2015.
On the dot – which now combines On the dot and LastMileLink Technologies – helps national and local retailers provide their customers with the ultimate in delivery convenience and compete with retail giants such as Amazon. According to the state of ecommerce delivery report, 50% of consumers have abandoned a basket on a retailer or brand/manufacturer ecommerce website because of unsatisfactory or unavailable delivery options. Six out of ten consumers said they would buy more frequently from ecommerce sites that offer a faster, easier, fault-free and utterly transparent delivery service.
On the dot’s roster counts more than 100 customers including ASOS, Currys PC World, Dixons and Wickes. In June, On the dot’s platform passed the half a million deliveries milestone, driving the company’s 2018 revenues of nearly £4 million to date.
“The delivery market is a tough one. UberRush left the sector in March and despite significant funding being provided for numerous start-ups in this space, they have struggled to achieve scale. Achieving the combination of scale and market traction in the dynamic market of on-demand delivery, whilst delivering a great customer experience, has proven difficult for many, large and small. Born out of CitySprint Group, our heritage in the delivery space means we’re uniquely placed to win. While our rivals are using data gained from pilots and early stage commercial activities, On the dot enters with decades of expertise in managing final mile collections and deliveries, more than 10 years’ worth of delivery data, and national and local scale through a fleet of more than 5,000 couriers. The additional £8 million in funding means we can more aggressively hone our already unrivalled offering and focus on international expansion. The UK is just the beginning”
– Santosh Sahu, On the dot, CEO