PORT raises €14.5m in equity and debt for autonomous delivery
EBRD and Balnord led the financing as PORT develops delivery robots on top of its existing courier infrastructure.
PORT has raised €14.5 million in a financing led by the European Bank for Reconstruction and Development and Balnord. The package combines equity and debt; the allocation between them was not disclosed.
The company will use the capital to develop its AI Driver and autonomous delivery vehicles and expand its research and AI teams. Its existing network of courier e-bikes and urban hubs provides operating infrastructure and delivery data for that work.
PORT is also developing a robotic delivery system with Royal Mail. The new package brings its total financing to €29 million, following €14.5 million raised across earlier pre-seed and seed rounds.
Use of funds
Develop autonomous delivery vehicles and AI Driver
Expand research and AI teams