Additional investment in Buymie
Additional investment in Irish grocery delivery start-up Buymie
Sure Valley Ventures is pleased to announce that it has completed a follow-on investment into Ireland’s leading same day grocery delivery company, Buymie. This investment has been made as part of a total €5.8 million investment round conducted by Buymie. Other notable investors in this latest funding round include Wheatsheaf, ACT Venture Partners, Haatch Ventures, and HBAN as well as Keith Weed, former Chief Marketing and Communications Officer for Unilever. Sure Valley Ventures made its initial investment in Buymie in April 2020, participating in its €2.2 million fundraise. Buymie has raised a total of c. US$9 million since the start of the year as demand for its services has surged on the back of the Covid-19 pandemic.
Buymie works closely with its retail partners, including Lidl and The Co-op, to help them provide a unique same-day ‘concierge’ delivery service to their customers. Buymie’s partners are therefore able to compete with Amazon, which has significant ambitions to lead in same-day grocery delivery. Its partnership with The Co-op saw Buymie launched in Bristol in May 2020, marking the start-up’s expansion into its first European city outside Ireland.
As well as driving the international expansion, the new funds will allow the company to focus on its mission of reducing the environmental impact of grocery shopping. Initiatives include reducing the use of secondary plastic packaging, cutting private car journeys, as well as helping to facilitate a switch to electric vehicles.
The partnership with Lidl in 2018 was a flagship for Buymie; it allowed value-conscious consumers in Ireland to access same day grocery delivery, with Lidl Ireland subsequently seeing active customers growing as much as 39% month-on-month.
Sure Valley Ventures Principal Isabelle O’Keeffe said:
“This additional capital will enable Buymie to strengthen its UK and Irish presence to meet the surging demand for same-day grocery deliveries in an environmental way following the Covid-19 outbreak. We were quick to recognise the significant growth potential of this business, particularly given its partnerships with Lidl and The Co-op, and are delighted to follow up on our initial investment in April with further funding. This business, which enables supermarkets to fulfil customer orders in as little as an hour, demonstrates the vital role that technology will play in overcoming the challenges posed by the pandemic and we are pleased to be supporting Buymie’s growth alongside some notable investors.”
Devan Hughes, CEO & Co-Founder of Buymie said:
“This funding round will help Buymie achieve our goal of becoming the leading same-day grocery delivery provider across the UK and Ireland. More and more customers are frustrated by the long waiting times offered by conventional grocery delivery services, and delighted with our solution that can deliver groceries in as little as one hour. The Lidl partnership has demonstrated just how much appetite there is for our service, and how important seamless delivery is to retailers’ reputations. They have been a fantastic partner for Buymie.”
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