Stamp Free attracted equity investment led by Silicon Valley based R42, an investor specialising in AI and deep science who have also backed 60 companies in this space including AxleHire, Lexicus Longhand (sold to Motorola) and Cellmania (the first mobile app store which was sold to BlackBerry) amongst others.

R42 first invested in Stamp Free in February 2021 and has led every investment.

Furthermore, for the first time, Stamp Free invited investment from equity crowdfunders, through the Seedrs platform. Over 600 investors came forward to help Stamp Free’s mission to revolutionise the way businesses and consumers handle postage and shipping, making it more efficient, cost-effective, and environmentally friendly. With an initial funding target of £500,000, the Stamp Free fundraise stands out as one of the most successful and oversubscribed Seedrs raises this year.

Stamp Free’s CEO, Hugh Craigie Halkett, expressed gratitude for the overwhelming support received during the crowdfunding campaign. He said: “We are immensely thankful to our investors and supporters who share our vision for a future where postage and shipping is seamlessly integrated into the digital landscape. This funding will enable us to accelerate the development of our cutting-edge solutions and bring them to a wider audience.

“From our own independent research, we know that 93% of consumers would rather use our technology than other postage/shipping methods when sending parcels, letters and online returns. This fundraise has really proven that there is a strong appetite for our technology to be implemented across postal and carrier networks.”

This latest funding round will enable the business to invest in product development to expand its portfolio of AI postal and shipping solutions, in particular its original label free offering and its new AppFree solution which enables consumers to send parcels and online returns using WhatsApp – no need to download a postal or carrier app.

Stamp Free will also be looking to scale its team to support the acquisition of new customers.

Dr. Ronjon Nag, chairman of R42 commented: “R42 continues to invest in Stamp Free for three core reasons; it is driving innovation in the postal sector through the use of AI making managing parcels and letters more convenient for the sender, it drives ROI for post and carrier companies and it is also beneficial for the environment.”