Barclays has invested £5 million into e-cargo bike delivery network Zedify.

The Cambridge-based company said the funds would enable it to increase its network by rolling out its service to other UK cities, including Manchester and Birmingham.

Rob King, co-founder and chief executive of Zedify said its service model delivers “significant” carbon reduction in the last mile, cleaner, safer deliveries that help make for more liveable cities, and an expanded choice for consumers around how and when they receive parcels.

Barclays, which has a ‘green tech’ mandate to invest £500 million by 2027, said the bank is proud to support Zedify in its goal to normalise the use of hyper-local micro hubs and zero emission delivery vehicles within UK cities.

Gavin Chapman, co-head of principal investments at Barclays added: “We understand that the delivery and logistics industry will require significant investment over the coming years to align with the UK’s net zero targets.”

Barclays Eagles Labs recently won the government’s mandate to help grow the UK digital and tech sectors, ousting the government’s own body, Tech Nation.

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