On Thursday, equity crowdfunding platform Crowdcube announced one of its FundedClub members, Farmdrop, successfully secured 10 million through its Series B funding round, which was led byImpact Ventures. This news comes just a little over a year after the company raised £7 million through its Series A funding round. Farmdrop launched a campaign on the funding portal in 2014 and attracted £748,880 from 351 investors.
FarmDrop is described as an ethical online marketplace that’s working with local producers to “fix” the food chain. The company’s key mission is to create and grow sustainable local food systems and by cutting out the middlemen, producers receive 80% of the retail price and customers can save money. Speaking about the latest funding milestone, Ben Pugh, Founder of Farmdrop, stated:
“This latest investment will enable Farmdrop to go even further in making a positive impact on the lives of our customers, farmers, and staff. I’m delighted that we have a new investor on board this time, Impact Ventures UK, who has a phenomenal track record in helping socially responsible businesses maximise their potential. Impact Ventures will help us go further than ever before in tracking the positive impact Farmdrop has across the supply chain – from widening access to healthy food, to improving the environment, and supporting great jobs.”
Crowdcube added that Impact Ventures’ UK was established by two reputable institutions in banking and investment.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!