Portuguese fashion logistics startup HUUB gets 1.5 million euro investment from Maersk

New York – Portuguese fashion logistics startup HUUB has just raised 1.5 million euro from the Danish shipping giant Maersk. The new funding follows on a 2.5 million euro investment from Pathena in 2018.

“We knew we were in an interesting place to negotiate a new investment before the next round – the Series A,” said Luís Roque, Co-founder & CEO of HUUB. “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.”

With the funding, HUUB plans to triple the number of brands it has in its portfolio, expand its European logistics operations, and grow its team to further develop its commercial strategies and technology.

“At Maersk Growth we are happy to join HUUB on its journey forward,” said Tobias Elmquist, Partner at Maersk Growth. “We have been following HUUB and were impressed with its solution 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 HUUBs plans to further accelerate business growth.”

Porto-based HUUB platform integrates with e-commerce sites, providing a full range of logistics solutions including production follow-up, picking, storage, stock management, order fulfillment, packing, and shipping. HUUB’s algorithms also analyse sales to determine replenishment strategies and prevent understocking, as explained by the logistics company in its corporate website.

Commenting the news, Vítor Dinis, Managing Partner and CFO of Pathena, an earlier investor in HUUB, recalled that “Ever since we lead last year’s investment round, we knew that there would be an opportunity to strengthen this seed with a relevant strategic partner.” “Maersk Growth is exactly that player, which not only brings financial support but also the global structure needed to accompany HUUB’s global growth. We are very pleased with how this cycle has been closed, with values that certainly impress not only on the national context but mostly on European and global levels.”

With this new round, HUUB closes its early-stage investment cycle with a total of 4.35 million euro, the largest seed round raised by a Portuguese startup to date, highlights the specialised news portal ‘EU Startups’.

HUUB plans to close 2019 with a revenue of 3.5 million euro, which represents a year-on-year growth of circa 200 percent.