Crowdcube #FundedClub member and award-winning online marketplace for local food producing, Farmdrop, announced it raised £7 million during its Series A funding round, which was led by a previous investor, Atomico, which was founded by Skype co-founder, Niklas Zennström. This new round of funding comes a little over a year after the website secured £3 million through its previous funding round.
Founded in 2014, Farmdrop allows local food producers to sell direct; a “click-and-collect farmers’ market.” The company’s key mission is to create and grow sustainable local food systems. By cutting out the middlemen, producers receive 80% of the retail price and customers can save money. The company launched an equity crowdfunding campaign on Crowdcube and captured £748,880 from 352 investors. Crowdcube also revealed:
“Today the Farmdrop platform has over 2,000 locally sourced products from 70 producers, with expected revenues of £3m in 2017. Farmdrop’s mission is to create and grow sustainable local food systems, with farmers receiving 75% of the retail price and customers getting reasonably priced local goods delivered to their doors.”
Funds from the Series A round will notably be used to expand Farmdrop’s presence in the UK and continue on-demand offerings from supermarkets. The platform also noted that it is planning to start deliveries in the Bristol area later this year.
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