London-based parcel delivery startup Hived Ltd.today said it has raised $42 million in early-stage funding aimed at supporting the company’s expansion into regional markets, hiring more staff and enhancing its HIVEDmind AI logistics platform.
The Series B round was led by NordicNinja with participation from Wex Venture Capital, Marunouchi Innovation Partners, Elemental Impact, Yamato Holdings, Future Back Ventures by Bain & Co. and Rocketship VC.
Purpose-built for ecommerce, Hived said it strives to replace legacy delivery logistics and relieve what it sees as anxiety on the side of recipients and retailers by integrating directly with modern architecture to connect retailers, warehouses, drivers and end customers.
It does so by using real-time warehouse sorting with route optimization to adapt driver behavior for real-world situations. Hived calls this anxiety on the side of end customers “Where Is My Order,” or WISMO. This type of inquiry, compared with other carriers, and its claims rate for lost-in-transit, damages and so on, is more than 10 times better than other industry standards.
“Parcel delivery should feel seamless, not stressful, but most of the industry is still running on systems that were never designed for e-commerce,” said co-founder and Chief Executive Murvah Iqbal.
According to the company, since 2021, Hived has delivered more than 6.5 million parcels across Greater London for retailers such as John Lewis Partnership plc, Nestlé Nespresso S.A., Uniqlo Co. Ltd. and Zara, with 99% on-time delivery.
HIVEDmind’s dynamic clustering, powered by machine learning.
The company’s AI models, working under the moniker HIVEDmind, act to update based on delivery volumes, route patterns dynamically, how long deliveries take in certain neighborhoods, where bottlenecks can occur such as courtyards or gated buildings can cause delays, or even where it’s best to park based on real-world data. This can assist drivers and couriers on how best to pack their vehicles and map routes.
“Today’s customers want fast, convenient, personalized experiences, with sustainability at their core,” said Anna Lundstrom, CEO of Nespresso for the U.K. and Ireland. “For many, receiving a parcel from Nespresso is their very first physical interaction with the brand and Hived’s clear, dynamic live tracking and seamless delivery build a sense of trust and reliability.”
Hived also operates a 100% electric fleet of vehicles. The company said it focuses heavily on sustainable architecture and is intent on scaling a delivery network that can deliver an outstanding experience for both shoppers and retail partners.
Iqbal said the funding puts the company on track to scale across the U.K., which has the third-largest e-commerce market in the world, after China and the United States. He added that the company intends to accelerate the rollout of its services, grow its engineering and data team and scale the development of its intelligence platform to support that goal.
Images: Hived
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