Edinburgh, Scotland–(BUSINESS WIRE)–Stamp Free Limited, the digital postage company, is pleased to announce that it has raised £600,000 in an oversubscribed funding round as the company progresses towards the commercial launch of its alternative Award-Winning Artificial Intelligence-Based World to Traditional and Return Mail.
In this latest investment round, Stamp Free raised £600,000 at a pre-investment valuation of £4m, double the £2m pre-investment valuation of the company’s Seed One funding round in September 2021. This increase reflects the significant progress made by the company. over the past few months, with its solution currently being tested by postal carriers, retailers and locker providers in different geographies around the world. Stamp Free expects the solution to be available to consumers later this year.
The stampless digital postage solution™ enables businesses and consumers to use the Stamp Free or white label app to send packages and letters, and to return consumer goods, without the need for a postage stamp or label carrier. Using automatic handwriting recognition at the core of its technology, Stamp Free also benefits postal carriers by removing issues associated with postage stamps such as fraud, liabilities and printing cost. It’s also good for the environment because no extra machines, printed postage stamps or labels are required – just handwritten six or eight-digit codes, essentially handwritten barcodes – which are scanned and validated by the AI at the source by a smartphone before the shipment is sent. sent or returned.
The investment was led by existing Silicon Valley-based 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 a new 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. We thank our existing investors for their continued support and welcome our new investors on our journey – we are extremely excited about what next year holds for Stamp Free! »
About Stamp Free
Stamp Free Limited is a digital postage company which, through the use of AI, enables customers to send parcels, letters and returns simply by using their phones. No stamps. No printed postage. No package label. The company is committed to providing convenience to postal carriers, small businesses, and customers who interact with them online and in the marketplace. Product information is available at www.stampfree.co.uk.