ICFG UK advised Diamond Logistics on their growth funding from Boost & Co
ICFG member based in the UK, HMT LLP, has advised fulfilment solutions provider, Diamond Logistics (“Diamond”), on their multi-million pound fundraise with growth capital and venture debt provider Boost & Co. The funding package will enable the business to dramatically accelerate their growth plans and invest in the continued development of their market disruptive “Despatchlab” platform.
Established in 1992, Diamond Logistics provides local, national fulfilment and delivery solutions to businesses across the UK via a network of over 30 micro fulfilment centres and twenty supply partners. Diamond Logistics is one of the UK’s fastest growing logistics companies, building businesses on their proprietary one stop logistics platform, Despatchlab.
Led by CEO and founder Kate Lester, Diamond has pivoted from being a traditional logistics business, operating its own fleet of vehicles and warehouses, to a technology provider. The platform the business has developed brings client users and network partners together combining a number of disparate services into a single user interface. This has enabled end customers and third-party logistics providers to successfully support both SME and national retailers wanting to be on the forefront of the next stage in consumer fulfilment – same day delivery.
Kate Lester and her team, working alongside HMT, sought to raise development capital to continue developing the platform as well as accelerating the growth of the network, leveraging the traction built by Diamond over recent years, along with an acceleration of demand brought on by the recent lockdowns.
HMT, led by Managing Partner Andrew Thomson and Director Ricky Lane, were mandated to find an investment partner who would support the management team in delivering its ambitious growth plans and fully exploit the market leading technology in the fast-growing eCommerce sector. Boost’s investment will provide additional capital to allow the business to continue its impressive growth trajectory without diluting the existing shareholder base.
Kate Lester at Diamond Logistics commented:
“HMT were mandated to find the right investment partner to support the continued growth of the business over the next few years. Andrew and Ricky spent time to understand our unique value proposition and used their market knowledge to identify the right type of investor for Diamond. During the process, they provided invaluable support and practical advice throughout. Boost was a good partner as their team is entrepreneurial and visionary, supporting our vision of the future of same day fulfilment and embracing the opportunity Despatchlab provides not just our own network but vertical markets such as retail.”
Ricky Lane commented:
“Having grown organically under Kate’s leadership for a number of years, Diamond Logistics has reached an inflexion point with an accelerating demand for their services, driving the business to new heights. The funding provided by Boost will allow the business to build on its impressive growth to date and maximise on the positive market dynamics in the eCommerce fulfilment sector. We look forward to working with Kate and the team in the future on the next stage of their exciting journey.”