Patch, a UK-based modern plant shop for “modern plant people,” has successfully raised more than £1.8 million through its Crowdcube campaign. The company launched the equity crowdfunding round earlier this month and quickly secured its £500,000 funding target. The initiative has so far attracted over 2,439 investors.
As previously reported, Patch has delivered more than 250,000 plants to over 82,000 customers in both Paris and London. The company also grew 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 noted the funds from the Crowdcube round will be used to expand into the business-to-business market by building a convenient offering for businesses. Through the campaign Patch is offering 8.28% in equity at a £20,556,849 pre-money valuation. The funding round is set to close at the beginning of November.
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