On-demand grocery delivery firm Beelivery has received more than £1 million from GreenBank Capital.
The Congleton-based company secured the first tranche of investment from the Canadian merchant bank, while UKTV Ventures – a commercial subsidiary of the BBC – is also party to the agreement and will be providing airtime for a forthcoming advertising campaign for Beelivery.
The investments will enable Beelivery to accelerate its business strategy and gain 450,000 new customers over the next two years.
Lee Parkinson, co-founder and CEO of Beelivery, said: “The significant investments from UKTV and GreenBank will allow us to accelerate our growth, continue to increase brand awareness, as well as bring new innovations to our unique offering for our customers.
“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.
“The feedback is testament to our business model and hardworking community of drivers and support staff.”
Beelivery was established in 2015.
It specialises in the quick delivery of products from any grocery outlet which is local to the customer – including fresh and frozen meal staples such as meat, fish, bakery items, pantry items and vegetables as well as fruit, snacks, alcohol and home cleaning products.
Its team of more than 15,000 independent drivers operate 24 hours a day, 365 days a year.
In the last financial year to September 2020, just under £8 million in orders were handled by the company.
Now Beelivery is using its latest investments to rapidly scale the business and is targeting orders of more than £370 million before 2024.
Chairman and co-founder of Beelivery, Yazan Bin Mohammad, said: “Now more than ever, we have seen that being able to access groceries and household supplies without going to the shops is essential.
“As other grocery delivery services have struggled to cope with demand, Beelivery has continued to keep delivery times short and fulfilment rates high through its unique crowd-sourced delivery model.”
The £1 million cash boost is the first part of a planned investment from GreenBank, which expects to complete further investment in Beelivery in September.
GreenBank will also appoint one director to the Beelivery board.
David Lonsdale, CEO of GreenBank Capital, said: “Beelivery is an exceptional business with real potential to become best in class in the very fast-growing and global online grocery delivery market.
“We are delighted to be involved with such an exciting business run by a first-class team and we are very much looking forward to helping them achieve their ambitious goals.”