FarmDrop launched their equity crowdfunding project just a few weeks back but the online farmers market has not had any problems finding investors. Raising capital on Crowdcube, FarmDrop was hoping to raise £400,000 for 17% equity in the young company. FarmDrop has quickly passed that mark and stands at over £420,000 today with one investor ponying up £70,000. In light of the investor demand, FarmDrop has announced they are extending their campaign and are now over-funding.
The UK’s first “click and collect farmers’ market” has claims to be one of the most successful crowdfunding campaigns ever in the UK. Organizers secured investment of more than £400,000 from 190 people in just 8 days.
“We’re thrilled that so many of our producers, members and keepers are now becoming shareholders in FarmDrop. By keeping the CrowdCube campaign open for a short while longer we hope to welcome more of FarmDrop’s advocates onto the register. And more investment now means lower risk for the same potential reward as the additional funding allows us to take the platform further and towards a higher future valuation”.
Since launching in April 2013 FarmDrop has been successfully operating at 5 active FarmDrops in London and the South East and more than 300 independent food producers and 400 keepers have signed up to supply and operate FarmDrop’s in their area. The new funds will be used to evolve the tech platform and grow the network of FarmDrops to reach 400 FarmDrops across the UK by June 2017, harnessing the increasing demand for tastier, healthier local food at lower prices.
“If you sat down to design the food supply chain on a blank piece of paper today, it wouldn’t look anything like what we’ve currently got”, Ben Pugh explains. “Our model provides significant value for all those involved and presents a fantastic opportunity to reshape the relationships currently dominated by the major supermarkets.”
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