After a year and a half on the delivery solutions market, BeeFast – ultra-fast courier tech start-up and digital integration for offline businesses – receives an investment of 500,000 euros to accelerate the business, expand it and strengthen it operationally. The infusion of capital comes from a private investor. The current value of BeeFast was estimated at 3 million euros, and the entire legal assistance during the investment was provided by KPMG Legal – Toncescu and SPARL Associations.
Launched at the end of 2019, BeeFast has become a solution to the problem of ultra-fast deliveries in Bucharest and Ilfov, with an average delivery time of 55 minutes once the order was placed. This was the main growth engine in 2020, when, despite the pandemic effects, the start-up grew rapidly. Thus, BeeFast went from an average of 16 orders / day in January 2020 to almost 400 orders / day in January 2021 and 500 orders / day today.
The positive dynamic was possible thanks to the tech platform on which the BeeFast system works, which allowed both fast integration with traditional online stores, as well as providing a digital infrastructure with integrated payment and delivery systems for offline stores that wanted a rapid transition to online during the pandemic.
3 million euros evaluation
The developments of the last year and the solutions proposed by BeeFast for the dynamic online market segments have led to a constant increase in the number of couriers and partner customers, and this was also reflected in the turnover. Thus, in mid-2021, BeeFast recorded a turnover increase of 350% compared to the same period last year.
The accelerated growth trend of the field, the performance of the tech solution, the customer portfolio, together with the team of entrepreneurs who founded BeeFast and their vision of future development place the valuation for BeeFast at 3 million euros today. The evaluation and due diligence process, the negotiations and the formalities for concluding the capital infusion transaction in BeeFast took 3 months.
During this period, legal services were provided by the team of lawyers coordinated by Laura Toncescu, Head of KPMG Legal -Toncescu and Associates, along with two Managing Associates, Dragoș Nicolae Iamandoiu and Corina Roman, and the KPMG Advisory team was involved in ensuring consulting on structuring the transaction. The evaluation of the BeeFast brand and IT platform was done by CMF Consulting.
Scaling and tripling the business
Currently, 18 months after its launch, BeeFast manages the fast deliveries of over 300 local businesses – restaurants, online beverage stores, home appliances, accessories, fashion, and flower shops. The platform employs over 1,500 active couriers, which works optimized, according to the principles of shared economy.
With this investment we will accelerate the development of BeeFast. The first growth target is to triple the number of daily deliveries in the next year. The evolution will take place both on the background of attracting new customers from the Bucharest area, where the interest for ultra-fast deliveries is growing, and by expanding to new cities, a direction we had planned for this year, said Cristian Grozea, CEO and co-founder of BeeFast.
Also, the received investment will be partially directed to the consolidation and optimization at the operational level, respectively to the development of functionalities so that customers have an optimized experience, both in B2B – companies and couriers, and B2C, at the end customers.