With less than two weeks until its equity crowdfunding campaign on Crowdcube comes to an end, food and beverage online marketplace, TheFoodMarket has successfully sur passed its initial £200,000 funding target thanks to more than 320 investors. The company reported that through this latest funding round it received a £50,000 investment.
The platform describes itself as an e-commerce marketplace that connects discerning customers with merchants that produce or sell high-quality products that are currently not found in supermarkets. TheFoodMarket already has 150 merchants on its website and they offer more than 3,000 natural and organic products (with some selling exclusively through the website). Since its launch in 2016, TheFoodMarket has already achieved the following:
- Projected to generate 140,000 in gross merchandise value by FY ending April 2017
- Received coverage from The Times, The Guardian, Jamie Oliver Magazine, Stylists and Delicious Magazine
- Received backing from the founders of MoneySupermarket, FeelUnique, and Play.com
While sharing details about its key mission, the company stated:
“We love great food, and we want to make the experience of discovering incredible, independently-produced food (the sort you would find while browsing a local food market) as convenient as a trip to the supermarket. So, we created TheFoodMarket.com — a sprawling online marketplace for fine-quality, natural and organic food and drink from small producers and sellers.”
Funds from the Crowdcube campaign will be used to expand TheFoodMarket’s platform. It revealed:
“We have previously raised £357,700 over two rounds. Our original five angel investors followed in to the next round, where we added a further three investors. We’re looking forward to adding even more fantastic investors through the crowd.”
TheFoodMarket’s Crowdcube initiative is set to close on May 4th.
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