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  • 📈 Dexory’s £60M Boost: US, Here We Come!

📈 Dexory’s £60M Boost: US, Here We Come!

Access Group Snaps Up Kiwi Gem!

October 02, 2024

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Dexory’s £60M Boost: US, Here We Come!

  • Access Group Snaps Up Kiwi Gem!

  • Gen Z Ditches Boohoo for Shein’s Chic!

The summary: Dexory's £90M funding and cutting-edge AI-powered robots are set to revolutionise warehouse management, propelling the UK startup's bold expansion into the US and leaving traditional logistics firms in the dust.

The details:

  • UK robotics startup Dexory bags an impressive £60M Series B, bringing its total funding to £90m in just three years, with DTCP leading the charge and adding Michael Rager to its board.

  • Founded by three Romanian trailblazers in 2015, Dexory’s autonomous robots and AI are transforming warehouse management with real-time data and boosting operational efficiency.

  • With big plans to conquer the US market, Dexory already operates in seven states and expects US revenues to surpass Europe’s within 12-18 months.

  • The company’s innovative DexoryView solution combines robotics, AI, and digital twins to revolutionise warehouse operations for clients like Maersk and DB Schenker.

Why it matters: Dexory’s rapid rise and hefty £90M war chest signal that the future of warehouse management is about to get a robotic facelift. As they march into the US with AI-driven efficiency, traditional logistics firms might start feeling like they’ve shown up to a Formula 1 race on a tricycle. With major players like Maersk on board, it’s clear that data-powered robots are no longer just sci-fi – they’re the new reality in supply chains.

The summary: Curtis Bailey's Tradify success story, with a £9 million payday and global expansion, highlights the unstoppable rise of Kiwi tech and the thriving startup scene set to deliver even bigger wins.

The details:

  • Curtis Bailey, frustrated by the admin side of his electrical business, founded Tradify in 2010 to help tradies manage their work. Now, he’s set for a £9 million payday as UK’s Access Group plans to buy his company.

  • The Access Group, a Midlands-based software giant, is on a global acquisition spree, adding Tradify to its growing collection of mid-market business software firms.

  • Tradify's rise has been impressive, growing from 18,000 to 20,000 customers and expanding into the UK, with its Kiwi roots remaining strong.

  • Icehouse Ventures is buzzing with excitement, calling this the largest cash return in their history – a win for early investors and a promising signal for NZ’s startup scene.

Why it matters: Curtis Bailey's leap from sparky to software founder proves there's serious cash in solving your own admin woes – £9 million, to be exact. Tradify's sale shows that Kiwi tech firms aren't just playing in the shallow end anymore, they're diving into global waters. For investors, it’s like hitting the jackpot, with the local startup scene poised to keep serving up more golden eggs.

The summary: Boohoo’s fashion-forward journey is facing a stylish shake-up as it grapples with shareholder pressure, fierce competition from Shein, and a dash of scandal, all while Gen Z flirts with a return to the high street!

The details:

  • Boohoo is under shareholder pressure to spin off or sell its top brands, like PrettyLittleThing and Debenhams, after losing £160 million and cutting over 1,000 jobs this year.

  • Once a lockdown darling, Boohoo is now struggling as Gen Z flocks to rival Shein, thanks to its affordability and TikTok prowess, while Boohoo’s £1.99 return fee hasn’t exactly been a runway success.

  • Surprisingly, Gen Z is rekindling their love for the high street, with brands like M&S making a fashionable comeback through social media savvy and affordable pricing.

  • Boohoo’s shady labour practices and PrettyLittleThing's "account deactivation" drama have left a stain on its reputation, adding to the company’s mounting challenges.

Why it matters: Boohoo’s once-glamorous online empire is now wobbling, and if Gen Z keeps switching to Shein or heading back to the high street, the company could face a serious wardrobe malfunction. Shareholder pressure to break up the business means its best brands might be up for grabs, leaving Boohoo looking a little threadbare. Add in a sprinkle of scandal and rising competition, and it’s clear the retailer needs a makeover—fast.