Selazar secures £ 20million investment to fund global expansion

By on November 3, 2021 0

Business Editor Gary McDonald

November 03, 2021 01:00

A BELFAST e-commerce start-up that automatically selects, packs, stores and ships products online celebrates the biggest technology investment ever in a Northern Irish company.

Stellar-growing e-commerce distribution company Selazar, founded just three years ago, has received a £ 20million cash injection from a large global investment group, which will help it accelerate its global expansion.

And part of that growth means that customers will be able to move inventory between international warehouses, which could alleviate some of the pain resulting from Brexit, as it will simplify processes and reduce costs, currently a sticking point. for its older ones. clients.

The new capital injection will also benefit existing local investors from Selazar, Foresight Group and Co-Fund NI, and will realize earnings of more than five times their initial investment by selling their shares in the new deal.

Selazar, which has a team of over 30 in its existing London and Castle Donington offices, has announced plans to quadruple its global workforce over the next year to support rapid growth and will also offer new financial services to his clients.

The company has developed a proprietary and innovative e-commerce fulfillment platform and primarily serves mid-to-business retailers across the UK.

Chief Executive Officer Jack Williams said: “This significant new investment will allow us to take the next step in our journey and expand internationally.

“Not only will this fund the opening of eight new warehouses, but it will also allow us to further develop our proprietary order fulfillment technology and support customers trading in the UK, US, Europe and Latin America. .

“Importantly, the investment separates Selazar from other third-party logistics providers and means that we will be a one-stop-shop for fulfilling e-commerce orders for retailers looking to expand into the United States, Europe and beyond.”

Chris Trotter, investment manager of local venture capital firm Clarendon Fund Managers, which manages the NI co-fund (which is part of the NI Invest Access to Finance portfolio), said: “Selazar s’ has grown rapidly over the past 18 months following exceptional demand from their e-commerce customers.

“We are proud to have supported the Selazar team and are delighted that from their Belfast base they now operate a global distribution network. We are also delighted that this investment has provided excellent financial returns for Co-Fund NI and a group of local angel investors. “

Invest NI has provided the company with £ 93,000 in R&D support for the development of its platform.

The company also received funding from the £ 5million Covid-19 Equity Investment Fund (CEIF), launched by Invest NI as part of its Access to Finance portfolio.

William McCulla, Director of Corporate Finance at Invest NI, added: “We have worked closely with Selazar since its inception in Belfast, helping it develop its e-commerce platform.

“I am delighted that we were also able to support the growth of the company through a combination of access to funding support from the NI Co-Fund and CEIF.

“It has helped Selazar reach the stage where it can leverage such a large investment and has provided us with a very positive return on our investment. I can’t wait to see where this will take the business.

The global investment group that finances Selazar will acquire all of the shares of the existing investors.

It is committed to developing sustainable and socially fair businesses that have a tangible impact on the lives of its partners, employees and communities.