Digital postage company secures £600,000 funding

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A digital postage company has secured £600,000 following an oversubscribed fundraising campaign as it heads towards a commercial launch.

Stamp Free offers a telephone alternative to traditional shipping and returns.

The Ratho-based firm raised the funds at a pre-investment valuation of £4m, double the £2m valuation in its seed funding round in September.

The investment was led by existing investors R42 Group and Cambridge Angels, along with other tech angel investors from the UK, US and Australia. Proceeds will be used to increase sales and marketing activities to accelerate commercial traction and continue product development.

Hugh Craigie Halkett, Managing Director of Stamp Free, said: “This investment signifies further endorsement of the Stamp Free solution, which is poised to disrupt the postal and logistics industry.

“We have made excellent progress since our last funding round, beginning trials with postal carriers, retailers and locker providers around the world, and this further increase will accelerate our development.”

Stamp Free is currently testing its postal technique with carriers, retailers and locker providers in different geographies around the world.

The free postal solution is expected to be available to consumers later this year. It aims to enable businesses and consumers to use the Stamp Free or white label app to send packages and letters, as well as return consumer goods, without the need for a postage stamp or a carrier label.

It uses handwriting recognition technology to eliminate problems associated with postage stamp fraud, liability and printing cost.

The machine scans six- or eight-digit handwritten codes – essentially handwritten barcodes – which are scanned and validated by artificial intelligence at source by a smartphone, before the shipment is sent or returned.

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