Stamp Free Ltd (Stamp Free), the AI-powered, award-winning digital post and shipping company is set for expansion after receiving an impressive £1.08m in new investment from a diverse group of investors and supporters.
Based in Edinburgh, Stamp Free attracted equity investment led by Silicon Valley based R42, an investor specialising in AI and deep science who have also backed 60 companies in this space including AxleHire, Lexicus Longhand (sold to Motorola) and Cellmania (the first mobile app store which was sold to BlackBerry) amongst others. R42 first invested in Stamp Free in February 2021 and has led every investment.
Furthermore, for the first time, Stamp Free invited investment from equity crowdfunders, through the Seedrs platform. Over 600 investors came forward to help Stamp Free’s mission to revolutionise the way businesses and consumers handle postage and shipping, making it more efficient, cost-effective, and environmentally friendly. With an initial funding target of £500k, the Stamp Free fundraise stands out as one of the most successful and oversubscribed Seedrs raises this year.
Stamp Free’s CEO, Hugh Craigie Halkett, expressed gratitude for the overwhelming support received during the crowdfunding campaign. “We are immensely thankful to our investors and supporters who share our vision for a future where postage and shipping is seamlessly integrated into the digital landscape. This funding will enable us to accelerate the development of our cutting-edge solutions and bring them to a wider audience. From our own independent research, we know that 93% of consumers would rather use our technology than other postage/shipping methods when sending parcels, letters and online returns. This fundraise has really proven that there is a strong appetite for our technology to be implemented across postal and carrier networks.”
Award-winning Stamp Free has gained attention for its commitment to transforming traditional postage methods by providing a digital platform that simplifies the process, reduces costs, and minimizes environmental impact. The company’s innovative approach has resonated with investors who see the potential for significant growth and positive disruption in the postal industry.
The successful campaign not only showcases the confidence investors have in Stamp Free but also highlights the growing demand for AI solutions. Stamp Free’s commitment to leveraging AI technology to streamline postage and parcels aligns with the global shift towards AI-powered digital transformation in various industries.
This latest funding round will enable the business to invest in product development to expand its portfolio of AI postal and shipping solutions, in particular its original label free offering and its new AppFree solution which enables consumers to send parcels and online returns using WhatsApp – no need to download a postal or carrier app. Stamp Free will also be looking to scale its team to support the acquisition of new customers.
Dr. Ronjon Nag, Chairman of R42 commented; “R42 continues to invest in Stamp Free for three core reasons; it is driving innovation in the postal sector through the use of AI making managing parcels and letters more convenient for the sender, it drives ROI for post and carrier companies and it is also beneficial for the environment.”
Stamp Free remains focused on sustainability, aiming to reduce the environmental impact of traditional postage methods. By offering a digital alternative, the company contributes to the reduction of paper waste and carbon emissions associated with traditional mailing practices.
As Stamp Free marks this milestone, the team looks forward to the exciting journey ahead and the continued support from its investors, clients, and partners. The company is confident that the funds raised will propel it to new heights, solidifying its position as a leader in the digital postage space.