‘Click-and-collect farmers’ market’ FarmDrop raises £750,000 in oversubscribed Crowdcube pitch
Online marketplace aims to support local independent food producers by "cutting out the middlemen"
FarmDrop, an online platform which allows local food producers to sell direct, has closed £750,000 via equity crowdfunding site Crowdcube in an overfunded pitch which attracted £350,000 over its original target.
359 investors backed the campaign in return for a share of 27.75% equity offered.
Launched in March 2013 by Ben Pugh and The Crowd founder Ben Patten, ‘click-and-collect farmers’ market’ FarmDrop seeks to disrupt the traditional supply chain by “cutting out the middlemen” so that independent producers receive 80% of the retail price and customers save more money.
Through the site, users can become members and purchase local foods, create a “food community” by becoming a ‘keeper’, and become a registered producer with no admin or marketing costs.
It will use the oversubscribed round to achieve its “mission to help create and grow sustainable local food systems”, and plans to capitalise upon the growing online food sales market which is set to top £17bn by 2019.