British sustainable logistics provider Fin has raised $7 million in seed funding to expand its operations into the US.
Fin will use the funding to scale its e-cargo bike fleet by 500% from 100 to 600 vehicles in total. The operator aims to deploy these additional vehicles across the UK and New York by the end of the year.
With plans to launch in New York City (NYC) in early 2025, Fin’s move across the pond marks its first venture outside of the UK.
“When operating in NYC compared to London, we need to account for several key differences,” Fin CEO Rich Pleeth told Zag Daily. “Firstly, the regulatory environment differs. E-cargo bikes like the Fernhay are legal in NYC but various labour regulations must be navigated when entering any new country.
“Cycling infrastructure in NYC is also significantly less developed than it is in London, which will impact route planning and delivery times. The weather conditions present a challenge too, with more extreme variations such as hot summers and snowy winters requiring careful preparation.
“Finally, building brand recognition and establishing relationships in this new market will be crucial for success.”
Fin’s current clients include nutritional supplement company AG1 and coffee retailer Grind. Since acquiring Stockholm-based Urb-it earlier this year, the operator has also worked with commerce suppliers such as MetaPack and Metafour to fasttrack operations across the UK by integrating with Fin’s API.
Fin’s AI-powered technology platform creates optimised routes for partners and uses algorithms to analyse real-time and historical data to forecast delivery delays and predict traffic and weather conditions. The platform can make real-time adjustments based on unexpected occurrences during deliveries to minimise disruption.
With a market size of $130 billion, Fin plans to expand into five additional UK cities in 2025 starting with Manchester and Birmingham.
The latest funding round was led by MaC Venture Capital with involvement from Side Door Ventures, Pearls Capital, and Simplex Ventures.
