Maersk invests €1.5M in Portuguese hot startup HUUB which uses AI to manage logistics fashion tech platform

Maersk invests €1.5M in Portuguese hot startup HUUB which uses AI to manage logistics fashion tech platform

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Are you an online shopping buff? Do you prefer buying stuff online as you get to choose from more than 50 fashion brands as clients, then its time for you to know about HUUB (if you still haven’t heard of it!).

HUUB is a logistics fashion tech platform for fashion brands that aims to integrate the full supply chain process in one place to simplify and optimise operations: starting from production to customer service.

The platform supports all sales channels and makes use of artificial intelligence, machine learning, and data to boost business through better decision-making. Now recently the world’s leading logistics sector giant, Maersk has invested in the Portuguese startup.

HUUB raises €1.5M from Maersk

Yes, the news is in that HUUB has raised around €1.5 million funding in a new investment round led by Maersk’s Corporate Venture unit Maersk Growth. The company has informed in the press release, that this investment represents the first ever made by the Danish multinational company in a Portuguese startup. Also, with this new round, HUUB closes its early-stage investment cycle with a total of €4.35 million. This is one of the biggest funding ever to be registered in Portugal and represents more than the average double seed on the USA and surpasses the European average by four times.

This result follows HUUB’s oversubscribed investment round of €2.5M from Pathena in 2018, which was marked by the high interest of several European investors. According to Luís Roque, Co-founder & CEO of HUUB “we knew we were in an interesting place to negotiate a new investment before the next round – the Series A. We were looking for “smart money”, which means we wanted to ensure that, besides having the financial capabilities, our new partner could also bring value to the company. Maersk Growth undoubtedly represents the biggest player in this industry, and we are sure that they will continue to be a fundamental partner in HUUB’s growth.”

How will the investment be used?

As informed in the press release, HUUB will use the latest capital to triple the current number of brands in their portfolio. Further, they want to continue to expand their European logistics operations and also improve their effectiveness and competitiveness, by assuring their team’s constant growth mainly on the commercial and technological vectors.

Reportedly, HUUB experienced an amazing 110% growth in revenue last year and the company plans to scale their growth to 200% in 2019. They said they foresee closing the year of 2019 with a revenue of €3.5 million. Meanwhile, the rapid development of the startup will be mainly centered on the operations of Portugal and of Holland and will also be supported by the growth of the team to 85 employees until the end of this year.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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