Company is to take on 14 more employees across its two sites.
The Tamworth-headquartered logistics company, which is chaired by Lord Digby Jones, is set to expand a number of its divisions after receiving £350,000 from the Midlands Engine Investment Fund. The funds are being provided by MEIF Debt finance, operated by Maven Capital Partners.
The company recently announced a new 20,000 sq ft base at Elmdon Trading Estate, close to Birmingham International Airport.
It has also recently won a three-year contract with Rolls-Royce Control Systems.
Lord Jones, who invested his own capital into the company in 2016, said:
"Timed to perfection, this funding boost for OnLogistics will provide the company with the extra impetus to enter new markets and grow its customer reach via three distinctive brands; OnLogistics Aerospace, OnLogistics Distribution and Fulfilment and OnLogistics Nursery.
"The MEIF Debt Finance offered by Maven not only provides ambitious SMEs across the Midlands with important funding, but also strategic and operational advice delivered by the investment team on the ground.
"Alongside other members of the OnLogistics management team, I look forward to driving the business forward in this new and exciting chapter."
This round of finance will see also the company make a series of improvements to its distribution service, upgrading its IT systems to unlock further efficiency through order barcoding, electronic tagging and satellite tracking of vehicles.
Managing director Nick Bennet added: "We are delighted to have the backing and support of MEIF and Maven. It is a great opportunity for OnLogistics to execute its ambitious growth strategy, expand the team and unlock several market opportunities.
"Our experience with the local Maven team was seamless, where a dedicated investment manager worked with us to make sure the process was as efficient and quick as possible.
"We look forward to continue working with the team at Maven to embark on our exciting expansion plans."
Steve Lewis, investment director at Maven Capital Partners, said: "We are delighted to support OnLogistics’ ambitious expansion plans.
"This is an established, entrepreneurial business that has the opportunity to grow its reach and enter new markets, while also cultivate and expand its customer base and create new jobs within the Midlands region.
"The highly regarded senior leadership team has extensive experience and is committed to delivering growth.
"OnLogistics is a great example of the kind of business we’re looking to support via the MEIF Maven debt fund and we are excited to work with the team to help drive the business forward."
