The London-based business has exceeded its funding target of £100,000 at a valuation of £2.4 million. In this latest funding round, which ends today, more than 340 investors invested a combined £173,000 in Grocemania.
Launched in February 2019, Grocemania is an on-demand delivery platform, which allows customers to shop from local grocery stores and get deliveries in minutes for a fee of only £2.50.
The company’s monthly revenue has more than doubled since the onset of the COVID-19 pandemic and it now has partnerships with Unilever and PepsiCo, enabling customers to benefit from special offers on these manufacturers’ products.
Grocemania works with hundreds of stores across the UK – including the likes of Budgens, Nisa, Londis and Costcutter – as well as independent retailers. It charges nothing to the retailer, adding a small mark-up on the products listed and a delivery fee, which reduces as the customer’s shopping basket increases.
Its latest EIS funding round, which is its third to date, will fuel the expansion of the business and support the rollout of its service, nationwide.
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.”
same-day delivery service is operational across London, Bristol and
Brighton, with expansion into Leeds, Sheffield, Birmingham, Bramhall and
Manchester, among other major cities, to be completed by May 2021.