Sure Ventures PLC Buymie Series A Funding Round (8908P)
15 Giugno 2020 - 8:00AM
UK Regulatory
TIDMSURE
RNS Number : 8908P
Sure Ventures PLC
15 June 2020
Sure Ventures plc ('Sure Ventures' or 'the Company')
Buymie Series A Funding Round
Sure Ventures plc, a London listed venture capital fund which
invests in early stage software companies in the rapidly growing
technology areas of augmented reality ('AR'), virtual reality
('VR'), Internet of Things ('IoT') and Artificial Intelligence
(AI). We are pleased to provide an update on one of its Investments
held through its commitment in Sure Valley Ventures Fund
("SVV").
Buymie has just announced a new funding round to raise EUR5.8
million, led by a new investor, Wheatcroft Group, the food and
agricultural arm of the Grosvenor Estate. This new funding has been
raised at a valuation that represents a 204% increase to Buymie's
valuation at the time of SVV's initial investment of EUR300,000
(made in March 2020). This funding round has also been supported by
a number of existing investors, including SVV who is investing a
further EUR620,000.
Over the last 18 months, Buymie has expanded dramatically to
meet the increasing demand for grocery home delivery, a trend which
has heightened during the Covid-19 pandemic. Buymie works closely
with its retail partners, including Lidl and The Co-op, to help
them provide a same-day delivery service to their customers,
enabling them to compete with Amazon, which has significant
ambitions to lead in same-day grocery delivery.
The business launched in the UK in May 2020, with The Co-op and
other UK retailers, marking the company's first expansion outside
Ireland. The service is currently available in the Bristol
metropolitan area. The funds recently raised will enable Buymie to
continue rapid market expansion both in Ireland and in the UK, with
15 other cities currently being considered.
SURE VALLEY VENTURES FUND
Sure Ventures has a EUR7m million commitment to Sure Valley
Ventures Fund representing an interest of approximately 25.9% of
the underlying portfolio companies detailed in this
announcement.
Gareth Burchell-Director Comment "We are very pleased to share
this news with investors and to congratulate the Buymie team on
landing both the deal with the Co-Op and for raising capital at a
204% premium to the seed round completed in March 2020. The
COVID-19 environment has highlighted the demand for their service
both from consumers and retailers alike. This cash will enable
Buymie to continue to expand at what can only be described as a
"rapid" pace. This is not just a COVID-19 story for us, we believe
the consumer trend being displayed will be here to stay".
ENDS
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9918
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. Sure Ventures
is focusing on companies in the UK, Republic of Ireland and other
European countries, making seed and series A investments in
companies with first rate management teams, products which benefit
from market validation with target revenue run rates of at least
GBP400,000 over the next 12 months. Website:
https://www.sureventuresplc.com/
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END
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