Latest funding round will help Scurri to reach the next level of growth.
Scurri, a previous Start-up of the Week on Siliconrepublic.com, has raised €2.2m in a new funding round from existing and new investors.
The latest round comes from ACT Venture Capital, Episode 1 Ventures, Enterprise Ireland, and private and early investor Pa Nolan.
Scurri was founded by Rory O’Connor as a platform to give online merchants essential management tools. It was incubated at Waterford Institute of Technology’s TSSG research unit.
In September, Siliconrepublic.com reported that Scurri had reached a major milestone of enabling e-commerce transactions worth €10bn.
The start-up has seen a 300pc growth in transactions from January 2016 to January 2017, and a monthly recurring revenue increase of 151pc on last year.
Scurri has opened new offices in Wexford town to accommodate its growth plans. The firm currently employs 27 people and plans to hire 10 more staff in positions that include software engineering as well as various product, support, sales and marketing roles.
Supporting global e-commerce
“This investment is a testament to the hard work of the Scurri team, and the funding will be used to focus on the next stage of our exciting growth plans,” said O’Connor.
“Our success so far has been due to our unrelenting focus on making personal delivery simple. Scurri is currently used on a daily basis by many thousands of merchants for whom we are making it easy to facilitate delivery choice for their consumers. I am looking forward to the next exciting stage in our evolution.”
Earlier this year, Scurri was successful in winning a contract with a global e-commerce giant. It also secured a multi-million, five-year deal with Fastway Couriers and Parcel Connect in November 2015.
“The original investment fuelled the Scurri team to refine the concept and product market fit,” said John O’Sullivan of ACT.
“The revenue growth over the past 18 months is evidence of the market potential and execution capability of the team in a very large market. This new investment funds the next stage in scaling Scurri.”