Chemistdirect.co.uk backed for £3m
The young company, founded in a garden, receives thumbs up from VC
Mitesh Soma, founder of Chemistdirect.co.uk, has agreed a £3m deal with VC firm Atomico, for a minority stake in his company.
The entrepreneur, who launched the business in December 2007 from an office in his Leicestershire garden, hopes that the investment will enable his company to become a household name. The business sells health and beauty products online and has already achieved sales of £5m, as well as attracting 200,000 customers. The company, which is backed by the likes of Niklas Zennström and JanusFriis, the founders of Skype, will use the investment to expand the company’s distribution centre near Birmingham. Also, the money will be used to help for recruitment, the development of its management team, improving product and service, increasing marketing activity and website improvements. “By working with the same team which bought us Skype, I am excited and confident our new investment will bring our services and some exciting new features to many more customers,” Soma said. © Crimson Business Ltd. 2009