A BELFAST e-commerce start-up which automatically picks, packs, stores and ships online products is celebrating securing the biggest-ever tech investment in any Northern Ireland company.
Stellar-growth e-commerce fulfilment company Selazar, founded just three years ago, has been given a £20 million cash injection from a large global investment group, which will help fast-track its global expansion.
The new capital injection will also benefit Selazar's existing local investors Foresight Group and Co-Fund NI and will realise gains of more than five times their initial investment as they sell their shares as part of the new deal.
The company has developed an innovative proprietary e-commerce fulfilment platform and primarily services medium to enterprise-sized retailers throughout the UK.
“Above all, the investment separates Selazar from other third-party logistics providers and means we will be a one-stop e-commerce fulfilment shop for retailers wanting to set up business in the US, Europe, and beyond.”
Chris Trotter, investment manager at local venture capital firm Clarendon Fund Managers, which manages Co-Fund NI (part of Invest NI's Access to Finance portfolio) said: “Selazar has expanded rapidly over the past 18 months following exceptional demand from their e-commerce customers.
“We are proud to have supported the Selazar team and are delighted that, from their Belfast base, they will now be operating a global fulfilment network. We are also pleased this investment has provided excellent financial returns to Co-Fund NI and a group local angel investors.”
The company has also received funding from the £5m Covid-19 Equity Investment Fund (CEIF), launched by Invest NI as part of its Access to Finance portfolio.
William McCulla, director of corporate finance at Invest NI, added: “We've worked closely with Selazar since it was established in Belfast, helping it to develop its e-commerce platform.
“I'm pleased we were also able to support the company's growth through a combination of Access to Finance support from Co-Fund NI and CEIF.