Edinburgh-based Stamp Free raises £600k in funding round
Edinburgh-based digital postage company Stamp Free Limited has raised £600,000 in an oversubscribed funding round.
The company raised the funds at a pre-investment valuation of £4 million, double the £2 million pre-investment valuation of its seed one funding round in September 2021.
Stamp Free’s digital postage solution allows businesses and consumers to use the Stamp Free or white-labelled app to send parcels and letters, as well as return consumer goods, without the need for a postage stamp or carrier label.
Investment was led by existing investors Silicon Valley-based R42 Group and Cambridge Angels along with other technology angel investors from the UK, US and Australia. The proceeds will be used to increase sales and marketing activities to ramp up commercial traction and for further product development.
Hugh Craigie Halkett, managing director of Stamp Free, said: “This investment signifies a further endorsement of the Stamp Free solution, which is poised to disrupt the postal and logistics industry.
“We’ve made excellent progress since our last funding round, commencing trials with postal carriers, retailers and locker providers around the world, and this new raise will accelerate our development.
“We thank our existing investors for their continued support and welcome our new investors to our journey – we are incredibly excited about what the next year has in store for Stamp Free!”