Natural and organic food e-commerce business The Food Market has secured more than £400k from private investors to drive its next phase of growth.
Founder and former Amazon employee Wendy Snowdon has received the cash injection from a group of new and existing investors, including the founders of MoneySupermarket.com and Feel Unique, in order to drive digital and marketing investment.
The site is a platform for ‘merchants’ of natural and organic produce, and aims to be a one-stop shop for high-quality food and drink from SMEs.
TheFoodMarket.com, which has added another 100 merchant suppliers in the past 12 months, is purely an e-commerce platform, with merchant businesses using the platform to enable direct-to-consumer sales.
The retailer had seen “rapid growth” in recent months, its founder said, particularly in gifting season, resulting in more sales in December 2018 than during its first year of operation.
Funding from the investors will go towards digital and marketing investment in order to grow sales, as well as taking on board more suppliers.
“We want to use the investment to scale up the business, so we have built a scalable platform and built-in efficiencies which we can now grow,” commented Snowden.
“We want to grow our range, work with more businesses, and seek out the best producers we can to ensure our customers have an even better selection.
“The platform is about supporting SMEs in food, drink and gifts, championing companies that are having a positive impact, and we are seeing good growth year-on-year.”
The funding round is set to close imminently and has been led by Jim Lewcock, HelloFresh investor and founder of media agency The Specialist Works.