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2024-07-08

Fin

finmile.co

Headquarters

London, UK

Employee Count

15 and 120 riders and drivers

Year Founded

2023

Amount raised

$3.1M

Business model

B2B service with plans to license their proprietary AI-optimized routing software to other logistics companies

Early traction

$1.9M in (contracted but not yet realized) MRR, 3000-4000 parcels delivered daily, deals with TikTok Shop, Charlotte Tilbury Makeup, Supreme, Ikea, and Molton Brown

Investors

MaC Ventures, ProChain Ventures, Ascension Ventures, Blank Capital, numerous angels

Setting the Scene

  • Urban areas face significant logistical challenges in transporting goods due to:

    • Rising Demand: Online shopping has led to higher parcel volumes, overwhelming traditional delivery systems.

    • Congestion: Traditional delivery methods contribute to urban traffic congestion, slowing down delivery times.

    • Environmental Concerns: Conventional vehicles emit pollutants, worsening air quality.

    • Regulatory Pressures: Governments are imposing stricter emissions regulations and traffic limitations.

  • This week’s company revolutionizes urban parcel delivery with e-cargo bikes and electric vans, while using AI to reduce congestion, pollution, and delivery times.

In a Sentence

Fin is a logistics company that reduces urban delivery congestion by leveraging eco-friendly vehicles and AI-optimized routes.

  • Delivery Vehicles: Fin’s fleet includes zero-emission e-cargo bikes and electric vans that brands hire for their delivery needs.

  • AI Routes: Fin’s proprietary AI technology calculates the most efficient delivery paths, considering real-time traffic, weather, and urban layout.

Bulleted Version

Similar to how Uber Eats uses bikes in urban areas for efficient and green food delivery, Fin uses e-cargo bikes and electric vans with AI-optimized routes to provide faster, greener, and more efficient parcel deliveries for brands.
Due Diligence
What We Like

  • Market Size: The last mile delivery market is expected to grow from $18.3 billion in 2022 to $35.3 billion by 2029, positioning Fin to capitalize on this growth with its eco-friendly and efficient delivery model.

  • Expansion Plans: Fin plans to license its proprietary AI-optimized routing technology to other logistics companies after establishing a strong presence in the UK, positioning them to scale rapidly without the capital and operational burden of managing a global delivery fleet.

  • Environmental Impact: Commercial vehicles account for 19% of the overall miles driven in London but emit 30% of the city's transport-related CO2.

    • Fin's use of e-cargo bikes and electric vans reduce emissions and traffic congestion, contributing to a safer and cleaner urban environment.

Potential Risks

  • International Expansion Success in the UK does not guarantee the company will find success in other markets like the United States.

  • Regulatory: Fin could face regulatory hurdles that impact its operations, as it must adhere to varying city guidelines and regulations.

  • Unproven Software Model: Fin’s hardware isn't highly defensible, and while the company plans to license its AI-optimized routing technology to other logistics companies, there is no proven implementation beta yet.

Founder Profile
RP
Rich Pleeth, CEO
: Formerly with L’Oreal, Google, Gett, and Bolt, with extensive experience in marketing and operations within the mobility sector.
CS
Chris Sargeant, COO
: Previously at REEF’s European operations and co-founded a virtual brand company.
Comps

WhyFin

By specializing in eco-friendly urban logistics using AI-optimized e-cargo bikes and electric vans, and setting itself apart from competitors by combining sustainability with cutting-edge technology, Fin is delivering a greener future, one parcel at a time.

*Nothing in this content constitutes investment or legal advice. Conduct independent diligence and consult professional advisers before making investment decisions.*

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