Farmdrop, an online grocery delivery startup based in U.K., popularly known as an ‘ethical grocer’ has managed to secure £10 million Series B investment round.
The key investors include LGT Impact Ventures (described as a growth equity investor that invests in businesses making a positive contribution to society), and Belltown Ventures, a renewable energy investment specialist with an interest in agricultural technology.
Farmdrop will use its new capital to double the total number of households it can deliver to, initially growing in the South East but with plans for a northern hub in Manchester by end of 2019.
From being a ‘click and collect’ service startup to transform into a ‘door to door’ delivery startup, Farmland presently sells over 2,000 products ranging from meat and dairy to household and larger supplies. It also pays minimum 70% of the purchase price to the farmers.
Farmdrop’s main competitors are supermarkets and delivery rivals like Amazon and Ocado. Farmland believes that what separates them from others is that they deliver healthier and local food on the tables of their customers.
Farmdrop, founded by ex-city broker Ben Pugh in 2014 was essentially founded on three pillars: Farmers get paid properly; Highest animal welfare standards and 100% electric delivery vans.
Source: Bizztor
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