Artisan food and drink start-up Sourced Market accrues £1m from the crowd
263 investors backed the independent food retailer's mini-bond to help it launch two new sites in Marylebone and Victoria
Sourced Market, an artisan retailer which looks to bring the best of London's small independent food producers to the convenience sector, has secured £1.04m in an oversubscribed crowdfunding round.
The start-up's mini-bond scheme on Crowdcube attracted investment from 263 investors, taking it over its orginal funding target of £750,000. Investors will earn 8% interest per annum over a four-year term.
Launched in August 2009 in St Pancras International Station by Ben O'Brien and Dan O'Neill, Sourced Market claims to serve 12,000 customers per week and achieved £2.9m in net revenue in its last financial year.
It plans to use the crowdfunding to support the development of two recently acquired retail sites in Victoria and Marylebone, set to launch later this year. O’Brien explained: “The support that has come in from our existing network and new investors has blown us away.
“We’ll repay that loyalty by wasting no time in pushing ahead with our plans to set up new markets in Victoria and Marylebone and continue to bring our high quality, locally sourced artisanal produce to even more people.”