France-based courier service Stuart has been acquired by GeoPost, a subsidiary of mail and logistics services provider La Poste, for an undisclosed sum, Le Figaro reported on Tuesday.
Founded in 2015, Stuart operates a last-mile delivery service aimed at a vast range of sectors from retailers to restaurants. Its platform can be integrated into a business’s existing checkout infrastructure to offer real-time tracking.
The company’s network of independent couriers use a variety of vehicles, including bicycles, cargo bikes, mopeds and cars. Nearly 90% of deliveries are made on foot or by bike, helping to reduce costs.
Stuart is currently present in five cities – Paris, Lyon, Madrid, Barcelona and London – and will accelerate its expansion plans across Europe following the acquisition.
GeoPost previously led a €22m ($23m) series A round in November 2015, after assorted angel investors had injected €1.5m in seed funding earlier that same year. GeoPost owned a 22% stake in Stuart ahead of the acquisition.