Cargo e-bike logistics company enters administration following failure to find new funding
Posted on in Business News , Cycles News
Electric cargo bike firm Zedify is set to enter administration following a failed search for new funding, after aiming to be active in 50 cities over the next few years.
The insolvency has resulted in the loss of around 150 jobs, with administrators from Interpath appointed to handle the process.
Zedify, founded in 2018, specialises in last-mile deliveries using electric cargo bikes, working with major retailers, parcel carriers, and independent businesses. The company has 10 logistics hubs across the UK, including one launched in Birmingham in November, and has partnered with brands such as Zara.
Ravi Patel of Interpath told Sky News: "Zedify was considered a pioneer within the logistics market, being the UK's first cargo bike delivery service with a zero-emission, last-mile delivery model. We are working to explore all options and are seeking buyers for the business and its assets, including its fleet of electric bicycles and their associated intellectual property, as well as the Zedify brand."
Zedify’s hubs in Cambridge and Edinburgh will continue operating with around 40 employees while administrators assess their future, while the Bristol hub, run under a different legal entity, remains unaffected.
Jonathan Harrison, Director of the ACT, said: " Zedify’s administration is sad to see, as it had noble ambitions with a sustainable e-bike driven concept at its heart. We hope to still see cycling be a viable last-mile delivery option within UK cities."
The company had received investment from backers including Green Angel Syndicate, Prova, and an arm of Barclays, but failed to secure further capital to sustain operations.