The London-based company is bullish about the next chapter of growth following a successful crowdfunding campaign
The London-based business Grocemania has raised £173,000 on its crowdfunding campaign on Seedrs, exceeding its funding target of £100,000 at a valuation of £2.4 million. The same-day grocery delivery company attracted more than 375 investors.
Founded by Askar Bulegenov in 2016, Grocemania is an on-demand grocery delivery platform, which allows customers to shop from local grocery stores and get deliveries in minutes for a £2.50 fee.
“We are delighted to announce another successful funding round, with hundreds of new investors joining the business on its exciting journey,” said Bulegenov. “Having smashed our funding target will in advance of the deadline, we’ve taken the opportunity to over-fund, which will just help accelerate our growth even more.”
A UK-based business, Grocemania is operational across London, Bristol and Brighton. The company expects to complete its expansion plans into Leeds, Sheffield, Birmingham, Bramhall and Manchester by May 2021.
Grocemania has reported that monthly revenues have more than doubled since the onset of the Covid-19 pandemic. It also said it now has partnerships with Unilever and PepsiCo, enabling customers to benefit from special offers on these manufacturers’ products.
Grocemania: Business model
Grocemania works with hundreds of stores across the UK – including Budgens, Nisa, Londis and Costcutter – as well as independent retailers. It charges nothing to the retailer, adding a small mark-up on the products listed and a delivery fee, which reduces as the customer’s shopping basket increases.
“Demand for grocery delivery services has soared during the pandemic, and Grocemania has experienced rapid expansion in this time,” said Bulegenov. “With major partnerships with Unilever and PepsiCo now agreed, we are poised for an incredibly exciting future – expect to see Grocemania in many more towns and cities across the UK in the months to come.”
The Seedrs campaign is Grocemania’s third to date.
Date published: 29 March 2021