Sure Ventures PLC (LON:SURE) has said that Sure Valley Ventures, in which it holds a 25.9% stake, participated in a €2.2mln (£1.9mln) funding round for a business named Buymie.
Buymie has developed a platform which uses artificial intelligence (AI) to allow customers to access large grocery retailers and receive short notice delivery to a chosen destination in less than an hour.
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The company has signed a multi-year partnership with Lidl Ireland to provide a personalised online grocery service, while consumers are also able to use Buymie to shop from Tesco in the country.
Sure Ventures said Buymie’s partnership with Lidl had seen a 300% uplift in downloads during the current lockdown situation, adding that the company’s model is “designed to scale, with a network of hundreds of independent shoppers and this scale can be achieved in a matter of weeks rather than months”.
Buymie has raised €5.5mln in the funding round to date, Sure Ventures said, with Surve Valley Ventures having committed €300,000 in the investment round alongside Act Venture Capital and long-term investor Haatch Ventures The money will be used to expand Buymie’s capacity in Ireland and internationally.
"This is a very exciting investment, regardless of the strength in demand created by the current [coronavirus] scenario. Recent consumer trends have centred around convenience and efficiency, especially when completing everyday tasks we would rather avoid. The money raised will help Buymie scale up their offering and provide a pathway to international markets", Sure Ventures director Gareth Burchell said in a statement.