One-hour grocery delivery service Home Run has exceeded a £450k crowdfund target for expansion from London into the rest of the UK and Europe.
The Seedrs campaign was launched at the beginning of June offering 10.09% of equity, valuing the company at over £4m. So far £470k has been raised, with the option to continue accepting investment for another month.
Home Run currently delivers to 15 London postcode areas for branches of Tesco, Whole Foods Market, Marks & Spencer and Waitrose.
Orders are made on Home Run’s website or app and collected and delivered by contracted pickers and drivers, for a delivery charge of £6 plus a 10-20% price mark-up dependent on product range.
The plan for the investment is to offer a new service, called Powered by Home Run, including a retailer e-commerce platform supported by Home Run contracted pickers and drivers.
The business aims to “combat Amazon” by offering any grocer in Europe the ability to operate a home delivery service under its own branding.
The firm describes the new service as a “low cost, high quality product for any European grocer who wants to use Home Run’s extensive suite of proprietary technology to advance or indeed launch from scratch their own profitable on-demand online grocery offering, under their own brand”.
The company hit its funding target in 23 days, attracting more than 200 investors from 21 countries.
“At Home Run, we have developed a platform that reflects our vision of how grocery shopping should be done in the 21st century,” said the business’s co-founder and CEO Takis Malavetas.
“With 50% of the UK’s customers wanting to do their grocery shopping online, we believe that this is a ripe opportunity for Home Run to tap into a huge potential market that is currently unfulfilled by the existing online grocery offering.
“We are delighted by the response we’ve received to our first crowdfunding campaign and look forward to welcoming this new group of investors, and hopefully advocates and potential customers, on this journey with us.”