Zedify electric cargobike on a domestic delivery run in Bristol.Zedify/Jon Bradley PhotographyCambridge-based cargobike delivery service company Outspoken Logisticstrading as Zedifyhas been placed in administration with the appointed administrators hoping for a quick sale to protect 38 out of 139 jobs.Outspoken Logistics raised $6.4 million from institutional investors Barclays Sustainable Impact Capital, Mercia Ventures, Midlands Engine Investment Fund and angel investors Green Angel Syndicate in March 2023. A further injection of $5.1 million was provided by the same investors last year.Outspoken Logistics said at the time it would be using the new funding to expand into more cities in the U.K. and create a logistics hub in either Birmingham or Nottingham. The firm said it had expected to triple its turnover. Apparently, this did not happen, leading to a cashflow crisis. A statement from Outspoken Logistics said it was unable to raise sufficient funding to continue operating. Company directors therefore appointed Will Wright and Steve Absolom of Interpath as joint administrators.The companys hubs in Cambridge and Edinburgh remain operational, but the firm's hubs in Brighton, Bristol, Glasgow, London, Manchester, Norwich, and Plymouth will close, with 101 employees made redundant. 38 employees have been retained while the administrators explore options for the business. The Bristol hub is operated by a different company and continues to trade.MORE FOR YOUInterpath, which is leading the sale of the companys business and assets, said: 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.Founded in 2018, Zedify used electric cargo bikes to deliver packages for retail brands, including Zara, Hello Fresh, and Selfridges.Zedify said it provided a more sustainable last-mile delivery service than vans.