Scurri raises €1.34m as part of larger fund raiser

Online logistics company Scurri has secured €1.34 million of a planned €2 million-plus fundraising to support continued growth.

Participants in the latest fundraising include previous backers Act Venture Capital, Episode 1 Ventures and Pa Nolan, an Irish tech veteran who has backed numerous indigenous start-ups including Treemetrics, OnePage CRM, Orecco and Wazp.

Founded by Rory O’Connor in 2010, Scurri, which has raised about €7 million to date, has developed a cloud-based software platform that makes it easier for ecommerce merchants to deliver goods to customers.

Its technology helps power millions of parcel deliveries for companies such as Ebay, VisionDirect, Asos and Littlewoods. The platform selects the most effective delivery option, creates accurate labels, tracks packages and also provides analytics for merchants.

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The Co Wexford-headquartered company, which secured a multimillion-euro, multi-year deal to provide bar-coding services for Fastway and Parcel Connect in 2016, currently derives the majority of its revenues from the UK.

Mr O'Connor told The Irish Times that Scurri had been "touching nearly 100 per cent growth year-on-year" for the past few years. He added that given its expertise in customs documentation, the company forecast many opportunities arising from Brexit.

“Being able to arrange customs documentation easily via our system gives us a distinct advantage and we think that this, together with continued growth in ecommerce as a whole, will lead to continued growth,” he said.

Scurri reported a €895,319 net loss on revenues of €1.24 million in 2017, the latest year for which records have been published.

The company, which employs 30 people and has plans to significantly increase headcount over the next two years, recently strengthened its board with the appointment of David Dempsey, the Wexford-born Ireland country manager for Salesforce, the software company which recently announced 1,500 new jobs in Dublin.

“We have very ambitious plans and having someone like David onboard can only help us given all he has achieved at Salesforce,” said Mr O’Connor.