Pires Investments PLC New investment in Buymie (0464L)
28 Aprile 2020 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 0464L
Pires Investments PLC
28 April 2020
28 April 2020
Pires Investments plc
("Pires" or the "Company")
New investment in Buymie
Pires is pleased to announce that Sure Valley Ventures ("SVV")
has made a new investment in Buymie Technologies Limited
("Buymie"), as part of a funding round by the company to raise
EUR2.2 million.
Buymie has created a platform that uses artificial intelligence
to provide consumers with access to multiple large retailers.
Furthermore, Buymie has also just signed a multi-year partnership
agreement with Lidl Ireland where it will provide a personalised
online grocery delivery service for the retailer. The company also
allows consumers to order from Tesco Ireland.
With the latest Covid-19 crisis, the online grocery market has
come under significant pressure to increase capacity, with large
grocers acknowledging that their distribution models do not allow
for meaningful scaling to meet consumer demand. Buymie's model does
not require vans and warehouses to be able to increase its capacity
and can scale its service in weeks rather than months. This is
achieved by using state of the art platform technology and
connectivity to connect consumers with a network of hundreds of
independent personal shoppers who can pick and deliver items
directly from retail stores to consumers.
For example, Lidl customers using the Buymie app can choose from
Lidl's range of permanently listed products available in store.
With the current demand for online services at unprecedented
levels, Buymie has seen a 300% surge in downloads and in recent
weeks many of its delivery slots are being booked 6 to 7 days in
advance, with Buymie releasing new slots every day.
To date, Buymie has raised over EUR5 million from investors,
with this latest round including new investors SVV and Act Venture
Capital and long term Buymie investor HAATCH Ventures. These new
funds raised will be used to expand its capacity both in Ireland
and internationally.
Pires has a circa 13% interest in SVV and SVV has a minority
investment in Buymie. SVV is a venture capital fund focused on
investing in the software technology sector with a specific focus
on artificial intelligence ("AI"), the internet of things ("IoT")
and augmented and virtual reality ("AR/VR").
Chairman, Peter Redmond said;
"This is a very exciting investment, given that the company is
providing what is fast becoming an essential service as a result of
the Covid-19 pandemic. The company has already grown quickly and
this is expected to continue."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Pires Investments plc
Peter Redmond, Chairman Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray
Ludovico Lazzaretti
Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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