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Hived, a UK-based delivery startup, raises $42 Million to expand its network

Hived is a UK parcel delivery startup that uses AI to manage its network. It announced on Thursday it had raised $42 Million in funding from investors. The money will be used to expand operations throughout the UK over the next 2 years.

The Series B funding round was led by Japanese venture capital firm NordicNinja, and included Wex Venture Capital and Marunouchi Innovation Partners.

Hived has signed retailers such as John Lewis, Uniqlo and Zara for online deliveries.

The company is among a number that use electric vehicles to meet the demand for low-emission deliveries.

Murvah Iqbal, Hived CEO, said that the new funding would be used to expand Hived’s delivery network beyond London.

She stated that Hived would begin serving southern UK cities later this year before rapidly expanding to the rest the country.

She said, "We plan to cover 80% the UK in the next two-years." "That's where we are headed."

She added that the company will also decide whether it wants to physically expand into other markets, or instead license out its technology.

Hived developed its own postcode based on the volume of customers and their demand using AI. Iqbal explained that the same system collects data about deliveries, which is then used to mentor drivers.

She said, "Everyday a driver receives some feedback that will help them perform better." (Reporting by Nick Carey, editing by Barbara Lewis).

(source: Reuters)