An electric cargo bike logistics company, which counts fashion giant Zara among its partners, has launched an emergency search for new backers.
Sky News has learned that Zedify, which has raised millions of pounds from investors including Barclays Sustainable Impact Capital, was working with Interpath Advisory on a review of its funding options.
Zedify claims to be the largest cargo bike logistics company in the UK.
It is reportedly exploring options to obtain new funding in an accelerated manner.
Read more on Sky News
Bank of England governor to visit China
High Street giants prepare new Treasury warning
Founded in 2018, the company works with retail brands, as well as parcel carriers and independent businesses, to offer sustainable deliveries using cargo bikes.
Zedify operates from 10 logistics centers across the UK, with the latest launching in Birmingham at the start of November.
The aim is to be active in 50 UK cities over the next five years. The company employs around 130 people.
Rob King, co-founder and CEO of Zedify, said: “As we continue our mission to disrupt the traditional logistics model by creating a more sustainable alternative to last-mile delivery services, we are looking for investment partners who can support us on this path. We continue to grow our business, supporting more customers in other cities across the UK.
Other existing backers of Zedify include Green Angel Syndicate and Prova.