Royal Mail buys stake in new shopping app Mallzee
British shopping app Mallzee describes itself as the "Tinder of fashion" and has just secured investment from the Royal Mail, which has taken a stake in the app.
The Royal Mail Group will acquire newly issued shares as part of a £2.5m fundraising by Mallzee. The business plan behind the app is that it brings together over two million fashion items from over 100 retailers. It lets shoppers "browse, ‘favourite’ and purchase a world of fashion from a single app."
Royal Mail says its investment in the company reflects the increasingly technology-driven nature of the delivery market and provides the postal service with exposure to new, high-growth revenue streams further up the value chain, as well as complementing its existing parcel services.
Nick Landon, Managing Director of Royal Mail Parcels, said, "I'm delighted to announce our investment in Mallzee. We think we can rapidly add significant value to the Mallzee business by introducing their solution to a wider audience. While the entrepreneurial and cutting edge mobile capabilities that Mallzee have developed will complement our existing distribution services."
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