- 30 March 2021
- Transport / Logistics Services
London based same-day delivery platform Grocemania has raised over £170,000 from the crowdfunding platform Seedrs, outstripping its target by 73%.
Valuing itself at £2.4 million, it attracted more than 340 small scale investors who offered a combined £173,000. The company was launched in 2019 and connects online customers with local grocery stores and charges £2.50 per within-the-hour delivery.
Investment from the crowdfunding is to help Grocemania expand outside of London with an eventual aim of going nationwide.
As with so many same-day delivery companies, the pandemic was good for business, which saw Grocemania’s revenue double in the last year. It has formed direct relationships with Unilever and PepsiCo, allowing its customers to get exclusive special offers on the brands owned by those companies. In addition it works with a number of convenience store chains across the UK including Budgens, Nisa, Costcutter and Londis as well as a large number of independent retailers.
The business model involves not charging the retailer, though it adds a small mark-up on all the goods sold from them as well as a delivery fee.
Askar Bulegenov, founder and director of Grocemania, said: “We are delighted to announce another successful funding round, with hundreds of new investors joining the business on its exciting journey. Having smashed our funding target will in advance of the deadline, we’ve taken the opportunity to over-fund, which will just help accelerate our growth even more.
“Demand for grocery delivery services has soared during the pandemic, and Grocemania has experienced rapid expansion in this time. With major partnerships with Unilever and PepsiCo now agreed, we are poised for an incredibly exciting future – expect to see Grocemania in many more towns and cities across the UK in the months to come.”