Edinburgh-based startup, Stamp Free Ltd has raised £600,000 as part of an oversubscribed funding round. The company has only increased in valuation since September 2021. With a pre-investment valuation of £4 million, the company doubled its £2m pre-investment valuation from its Seed One funding round.
The company has focused their efforts on developing a digital postage solution which offers an alternative to traditional mailing and returns. Their solution is built on AI technology and an app to manage delivery. This means no stamps, no postage labels, and an end-to-end label-free solution. Stamp Free’s solution is already being trialled by postal carriers, retailers, and locker providers in different geographic locations around the world.
The software uses a machine handwriting recognition system to combat issues commonly associated with postage stamps including fraud and printing costs. The sender handwritten a 6-8 digit code, creating a handwritten barcode. These are then scanned and validated by AI at the source of a smartphone before the mail item is officially sent or returned.
Removing the need for stamps means there is no need to maintain expensive stamp printing machines. Between this and the reduction in materials needed for stamps, this AI alternative offers a more eco-friendly option for consumers.
This new influx in investment funding is set to enable the commercial launch of their solution with the intention of having it fully available to consumers by the end of 2022.
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