Click-and-collect farmers’ market FarmDrop has raised £400k through crowdfunding on Crowdcube.
The London-based company allows buyers and sellers of local food to find and trade directly with one another.
Farmdrop will be using the investment to expand its network across the UK.
How FarmDrop works
The online farmers’ marketplace, which launched in 2013, lets vendors sell local produce via ‘FarmDrops’ that are run by community members call ‘keepers’.
80% of sales go to the producers themselves, with keepers and FarmDrop taking 10% each.
Five hubs currently run across London and the South East with over 300 producers using the platform to sell their products.
The company secured the investment in 8 days with 190 people contributing to the campaign.
17% of the business was up for grabs and the founders have decided to extend the offer for a limited time so that more people can invest. Founder Ben Pugh explains:
More investment now means lower risk for the same potential reward, as the additional funding allows us to take the platform further and towards a higher future valuation
Last year, FarmDrop took part in series two of Tech City News‘ Elevator Pitch. Have a look at Ben’s pitch below.