Farmdrop secures £3 million investment

Author

Crowdcube

04 February 2016

Farmdrop, the online marketplace that enables people to buy fresh food direct from local farmers and producers, has secured £3 million in investment in its latest round of funding led by Atomico.

Founded by former Morgan Stanley stockbroker Ben Pugh, the Bermondsey-based business has grown its customer base by over 230% year-on-year since it launched in 2014 after raising £750,000 investment on crowd-funding platform, CrowdCube.

This latest investment includes funding from a consortium of investors including JamJar Investments, run by the three Innocent entrepreneurs, Richard Reed, Jon Wright and Adam Balon.

Further backing was received from Jonathan Goodwin, co-founder of Lepe Partners and Founders Forum, Jason Goodman, chief executive and founder of Albion, as well as previous angel investors Alex Chesterman, founder of Zoopla, and Quentin Griffiths, co-founder of ACHICA and ASOS.

Pugh said: “Farmdrop is on mission to fix the food chain by making it easy to buy the best food from the best local producers. We believe everyone deserves a more delicious world and this investment will help us continue to improve the product and spread the word about the Farmdrop revolution.”

Niklas Zennström, founding partner and chief executive of Atomico, added: “Farmdrop is demonstrating huge ambition by disrupting the established food chain and addressing the growing concerns many of us have about the quality and provenance of our food.”

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