Officials at London-based Grocemania, a same-day grocery delivery startup that serves Budgens, Nisa, Londis and Costcutter and a number of independent retailers, said it has raised more than £170,000 on the crowdfunding platform Seedrs.
Looking to roll out its services nationwide, Grocemania said it surpassed its funding target of £100,000 at a valuation of £2.4 million. More than 340 investors took part in the latest round of funding.
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.
The timing of its launch in February 2019 couldn’t have been better, giving this startup a year before the COVID-19 pandemic to implement its services, which allows customers to shop local grocery stores and get deliveries in minutes for a £2.50 fee. Grocemania says it does not charge retailers, rather adding small mark-ups on products plus the delivery fee.
“Demand for grocery delivery services has soared during the pandemic, and Grocemania has experienced rapid expansion in this time,” Bulegenov said. “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.”
Grocemania, whose monthly revenue has doubled since last March, currently serves London, Bristol and Brighton and plans to be in Leeds, Sheffield, Birmingham, Bramhall and Manchester by May.