Case study
How Service Club scaled their business using a tailored structured finance approach.
Sep 8, 2025
Case Study
20x Revenue Growth: How Teybridge Capital Europe Helped a Leading Logistics Technology Company Scale
About the Client: Logistics Company Specialising in Last-Mile Delivery
We’ve all been there. You ordered your summer wardrobe from your favourite online retailer and you’re obsessively tracking the delivery. The first few days are smooth and efficient, but then your parcel gets stuck, delayed, or lost right at the very end. That final stretch from the depot to your door is what the industry calls “the last mile.” And for years, it has been one of the most expensive, inefficient problems in global e-commerce.
Our client (a UK based company) turned that pain into a solution, and into a multimillion-pound logistics technology company.
By combining technology and local infrastructure, the company has fundamentally changed how major global e-commerce retailers get parcels to customers: faster, more cheaply, and more sustainably than traditional carriers.
The idea resonated. Strongly. The business attracted significant institutional backing from angel investors, venture capital funds, and equity investors who recognised the scale of the opportunity. And the clients followed. Household-name online retailers whose parcels you have almost certainly received. You know the ones.
The Challenge: Rapid Growth, Widening Cash Flow Gap
As the company scaled rapidly, a familiar but painful tension began to emerge. The business was invoicing its retail clients in weekly batches, but those retailers operated on payment terms of 30 to 90 days. Meanwhile, the local drivers, depot partners, and operational staff keeping the whole operation running needed paying every week, sometimes every day.
The faster the company grew, the wider that gap became. More contracts meant more invoices. More invoices meant more cash tied up waiting to be paid. The working capital requirement was scaling just as fast as the business itself.
The obvious answer might have been to raise more equity. But equity is not free. It dilutes the founders and existing investors and burns through a resource that should be reserved for building the business, entering new markets, and hiring the right people, not for plugging a timing gap between delivering a service and getting paid.
The company needed a smarter solution. One that could scale alongside the business, move quickly, and crucially, leave the cap table intact.
Why Invoice Finance Was the Right Fit
When Teybridge Capital Europe first engaged with the client in May 2024, the company was at an early stage of its revenue journey. What was immediately apparent, however, was the quality of its debtor book; The client’s customers were some of the largest, most creditworthy names in global e-commerce. That is exactly the kind of receivables Teybridge Capital Europe is built to finance.
Invoice finance allowed the client to unlock cash tied up in outstanding invoices the moment they were raised, rather than waiting 30 to 90 days for payment. A weekly batch of invoices from last-mile deliveries, for example, would be submitted to Teybridge Capital Europe and funded within days, giving the client immediate access to working capital to redeploy straight into operations and growth.
The Solution: A Scalable Facility That Grew With the Business
Teybridge Capital Europe approved an initial facility of £2.5 million, covering invoices across the client’s primary debtors at the time. Early batches consisted of several hundred individual invoices bundled together on a weekly and monthly basis, with the client drawing down funds as needed through Teybridge Capital Europe’s BRIDGE platform.
From there, the facility scaled in step with the business. The client’s revenue grew by several hundred percent year on year from the point Teybridge Capital Europe came on board, and the facility expanded to match. Within 18 to 24 months, the approved facility had grown from £2.5M to approximately £15M, tracking the business’s extraordinary growth trajectory.
To date, Teybridge Capital Europe has funded over £52 million in invoice value across 600+ transactions and 13 separate debtors, a testament to both the pace of the client’s expansion and the flexibility built into the facility from day one.
Working Alongside a Senior Lender: An Exciting Co-Lending Partnership
As the client’s profile grew, the company attracted the attention of institutional lenders operating at the very top of the market. A specialist lending division of a major global bank, focused on supporting high-growth, equity-backed businesses, entered discussions about a venture debt facility to support the company’s expansion plans into new markets. Their interest in the client was a powerful validation of just how far the company had come.
For Teybridge Capital Europe, the arrival of a senior institutional lender into the client’s capital structure was not a complication but an opportunity, and one we approached with genuine enthusiasm.
Senior lenders of this calibre typically take a fixed and floating charge over a business’s assets as part of their security package. Without careful structuring and open dialogue between lenders, this can create tension with existing receivables finance arrangements. We were determined to find a way to make it work, and from the outset, both teams engaged in a spirit of collaboration and shared ambition for the client.
What followed was a fantastic example of how senior lenders and specialist providers should work together. Both teams invested real time and energy into understanding each other’s requirements, aligning on security structuring, and designing a solution that served the client’s needs in full. Rather than competing for position within the capital stack, both institutions focused on what they each do best.
The Outcome: A Business Transformed
The numbers speak for themselves. From the point Teybridge Capital Europe came on board, the client’s revenue has grown by an extraordinary multiple, year on year, with no signs of slowing. The company’s growth trajectory ranks it among the fastest-scaling logistics technology businesses in Europe.
But perhaps the most telling measure of Teybridge Capital Europe’s impact is qualitative. The client’s own management team is clear that without the working capital facility, the company would not have reached its current scale.
The invoice finance arrangement enabled the client to:
- Preserve equity for strategic growth rather than operational cash flow management
- Scale operations rapidly, winning larger contracts and expanding its courier network without cash constraints
- Enter its Series A raise from a position of strength, with extended runway and a more compelling growth story to present to investors
- Attract institutional investment at Series A level, securing significant growth capital from prominent European technology investors to fund the next stage of expansion
- Plan international expansion with confidence, targeting some of the world’s largest e-commerce markets where the last-mile problem remains largely unsolved
The impact extends beyond the balance sheet. The working capital facility gave a fast-moving business the financial stability to honour its commitments to clients, couriers, and partners; and to keep growing without ever having to slow down.
“”This is the kind of partnership that creates real value. Two providers, each bringing something distinct and irreplaceable, working together in the best interests of a shared client. We could not be more proud of what was achieved, and we look forward to building on this kind of collaborative relationship across future opportunities.” Colm Devine, CSO, Teybridge Capital Europe ”Colm Devine, CSO, Teybridge Capital Europe
Frequently Asked Questions:
Can invoice finance support a fast-growing, venture-backed company?
Yes. Invoice finance is particularly well-suited to high-growth, equity-backed businesses because it provides working capital that scales directly with revenue, without diluting the cap table. In this case, Teybridge Capital Europe provided a selective invoice finance facility to a venture-backed logistics technology company that grew from an initial £2.5 million facility to approximately £15 million within 18 to 24 months, tracking the business’s 20x revenue growth trajectory.
How does invoice finance help businesses avoid equity dilution?
Rather than raising additional equity rounds to fund day-to-day working capital needs, businesses can use invoice finance to unlock cash tied up in unpaid invoices the moment they are raised. This preserves equity for strategic purposes such as entering new markets, hiring senior talent or funding product development. In this case, the client was able to enter its Series A raise from a position of financial strength, with extended runway and a more compelling growth story, having avoided diluting existing shareholders to cover operational cash flow gaps.
Can invoice finance work alongside venture debt or senior lending facilities?
Yes. Invoice finance and senior debt facilities can operate alongside each other within the same capital structure, provided both lenders engage collaboratively on security structuring from the outset. Teybridge Capital Europe has direct experience of this, having worked alongside a specialist lending division of a major global bank to design a co-lending solution that served a shared client’s needs in full. Both institutions aligned on security arrangements and focused on what each does best, rather than competing for position within the capital stack.
Is invoice finance suitable for businesses in the logistics and technology sector?
Yes. Logistics and technology businesses are strong candidates for invoice finance, particularly where they invoice large, creditworthy clients on extended payment terms of 30 to 90 days. The quality of the debtor book matters more than the sector itself. Where a logistics or technology company’s customers are established, creditworthy businesses, those receivables can typically be financed efficiently. Teybridge Capital Europe has direct experience financing logistics technology businesses.
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