Fin CEO Rich Pleeth said the company has seen huge demand for its zero-emission deliveries and expects to grow fourfold in 2024. The company has already shut down Urb-it's operations outside London due to unprofitability, but plans to expand in the UK and launch in three European cities and New York this year. Fin has raised around USD 5 million so far, with its lead U.S. investor being MaC Venture Capital.
Key takeaways:
- Fin Sustainable Logistics has acquired bankrupt sustainable delivery company Urb-it, gaining access to its customers and technology.
- Fin, launched in 2022, uses all-electric cargo bikes and vans for deliveries and has experienced huge demand for its zero-emission services.
- With the acquisition, Fin is now integrated with new customers including Shein, Alibaba's logistics arm Cainiao, and an online retail platform.
- Fin plans to expand in the UK and launch in three European cities and New York in 2024, and expects to grow fourfold in the same year.