The Royal Mail has acquired an undisclosed stake in British shopping app Mallzee, dubbed “Tinder for fashion”, for £2m.
The investment is part of the Royal Mail’s “continued focus on digital innovation” and the delivery business plans to introduce many more retailers to the platform. The Royal Mail said the deal will also expose it to new revenue streams as well as complementing its existing parcel services.
Another £500,000 was invested by a range of other investors, including the chief executive of flight comparison website Skyscanner Gareth Williams.
Mallzee brings together more than two million fashion items from more than 100 retailers, including Adidas, H&M and John Lewis, enabling shoppers to browse, ‘favourite’ and purchase products from a single app.
Mallzee, which was launched in Edinburgh in 2013, turned down an offer for £75,000 for a 20% stake in the business from Peter Jones on Dragons Den in February.
Nick Landon, managing director of Royal Mail Parcels, said: “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.”