Urban logistics company PORT has raised €14.5 million in a funding round led by the European Bank for Reconstruction and Development and Balnord. The financing combines equity and debt and brings PORT's total funding to €29 million. The company runs microhubs and e-bikes for delivery couriers across the UK.
Funding history
The company had previously raised €14.5 million through Pre-Seed and Seed rounds. Existing and new investors also participated in the latest financing. The new round adds to that earlier funding.
Company operations
PORT was founded in 2020 and is led by CEO Kamil Suda. It serves more than 50,000 couriers with a fleet of about 3,500 e-bikes. Its network includes 24 microhubs across London, Manchester, and Birmingham.
AI Driver and robots
Some e-bikes carry NVIDIA-powered cameras and lidar sensors to collect delivery data in London. The data is used to train an AI Driver for autonomous delivery vehicles. PORT also offers parcel deliveries with cargo bikes.
The new funding will support the AI Driver, autonomous delivery vehicles, and autonomous logistics capabilities. PORT also plans to accelerate hiring across its research and development and AI teams. It is preparing a robotic delivery system partnership with Royal Mail.