Meat box delivery firm Field & Flower has raised almost £825k to boost its online retail presence after reducing its valuation to secure the crowdfunding cash.
The company was initially seeking a minimum of £750k on a pre-money valuation of £12m, but cut that valuation back to £9.8m after discussions with potential investors and securing extra time to hit its investment target.
The initial valuation was 4.5 times its £2.7m revenues for the 2016/17 financial year, with the new valuation reduced to 3.5 times its full-year sales.
Field & Flower hit its £750k target this week and is overfunding for another 15 days, having raised £824.4k from 517 investors. The funding will be ploughed into digital customer acquisition, including investment in online search, social media, marketing and PR as well as the development of a mobile app.
The firm, which made an EBITDA profit of just over £2k last year, currently sends out 800-1,000 boxes a week to 4,500 subscribers at an average price of £51 per box.
By 2020 it is targeting over 100,000 active customers and delivering over 500,000 boxes.