Patch, a UK-based modern plant shop for “modern plant people,” has not only surpassed its initial £500,000 funding target, it is now nearing £1.1 million secured during its equity crowdfunding campaign on Crowdcube. Through the funding round, the company is offering 5.05% in equity at a £20,556,849 pre-money valuation. So far, the initiative has attracted nearly 1300 investors.
Patch reported that it has delivered more than 250,000 plants to over 82,000 customers in both Paris and London. It has also grown more than 124% within the last year and has raised £6 million to grow its operations and continue expansion throughout Europe.
“Patch helps you discover the best plants for your space, delivers them to your door and helps you look after them. Every plant from Patch comes with free returns for 30 days, simple care instructions, direct access to our team of Plant Doctors. Our goal is to make living a modern life with plants as easy as ordering a pizza and as inspiring as the plants themselves. We’ve grown quickly to £4.48m revenue (-£3.2m EBITDA) with +124% growth in the last 12 months and also started our European expansion in Paris. There’s a disruption opportunity; we calculate just 7% of the £22bn W. European gardening market is online today.”
Along with expansion and operation growth, Patch reported that the funds from the Crowdcube round will be used to expand into the business-to-business market: Building a convenient offering for businesses. The funding round is set to close at the beginning of November.
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