GreenBank Capital Inc (CSE:GBC) (OTCPINK:GRNBF) (FRA:2TL) announced that a subsidiary of the UK’s national broadcaster BBC is investing alongside the Toronto-based company in Beelivery, a grocery delivery platform.
In a statement Friday, GreenBank told shareholders that the BBC’s subsidiary UKTV is investing £2 million in the service.
GreenBank previously revealed plans to acquire up to 25% in Beelivery.
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Beelivery specializes in quick delivery with two delivery options – one within 60 minutes and another within a 24-hour period. The group currently has over 20,000 delivery drivers serving 90,000 UK customers and more than 90% nationwide coverage and average delivery times of only 46 minutes.
GreenBank told shareholders that the investments will allow Beelivery to hasten its goal to gain 450,000 new customers over the next two years.
Sheena Amin, director of UKTV Ventures, told investors that she was “thoroughly impressed” with Beelivery’s growth to date. “It's an exciting moment to be launching Beelivery's first ever TV campaign and helping to showcase the amazing service it has to offer customers at a time when it's needed the most.”
Beelivery has also agreed to appoint GreenBank as its merchant bank with a view to listing on the Canadian Securities Exchange or other international exchange as soon as possible, and to act as adviser on any future fund raises, according to a release. GreenBank will also appoint one director to the board of Beelivery.
David Lonsdale CEO of GreenBank Capital called Beelivery an “exceptional business with real potential” in the global online grocery delivery market. “This investment from the BBC's commercial arm adds further layers of confidence to the already exciting prospects for Beelivery.”
Lee Parkinson, CEO of Beelivery, added that GreenBank and UKTV’s “significant investments” will allow it to accelerate its leadership position, continue to increase brand awareness, and bring new innovations.
“The confidence our consumers have shown over the past 12 months has been excellent, and the feedback around ‘reliability' from our corporate partners during the pandemic has also been outstanding,” Parkinson said. “The feedback is testament to our business model and hardworking community of drivers and support staff."
GreenBank is a next-generation merchant banking business with offices in Toronto, Dallas, New York, and London.
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