Online florist marketplace, Floom, successfully completed its equity crowdfunding campaign on Crowdcube. The platform successfully secured its initial £390,000 funding target last week and finished the round with £520,000 from 343 investors. Floom, which was founded by Lana Elie, is designed to solve the problem of finding and sending a quality bouquet of flowers.
“We are bringing technology, e-commerce and design to an industry that is run by archaic processes and systems. Our research suggests that very few independent florists have e-commerce websites, and have found the large conglomerates that do offer flowers online to have mundane bouquets and a confusing online experience.”
The platform also reported that all florists on its website are vetted for quality, listing photography standardized, bouquets listed based on the florist’s chosen delivery areas. To order through Floom, customers simply visit the site, enter their post-code, and choose a bouquet that suits their needs. The company’s platform also operates a commission revenue model and takes 20% on gross transaction value, minus the delivery fee, which goes to the florist. Customers currently pay £6.99 for delivery, £9.99 for the same day. During the final hours of the campaign, the Floom team shared their appreciation for investors that pitched in on the initiative:
“Our Crowdcube campaign has come to a close and we want to say a huge thank you to all of you who have chosen to support Floom. With £520,000 raised and the advocacy of a wonderful network of 343 investors, we are in a strong position to achieve our mission. We are going to invest in technology and marketing capabilities that will see us offer the best, crafted bouquets to all the far corners of this country while working on the plans to turn us into the global business we plan to be. The hard work is only beginning at Floom HQ.”
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