WPP Digital leads $10m investment in mySupermarket
Grocery comparison site hoping to build on current growth of more than 100%
The acquisition arm of advertising giant WPP has led a $10m investment mySupermarket, the grocery comparison site which launched in the UK six years ago.
The deal, announced earlier today, has been spearheaded by WPP Digital, with significant contributions from mySupermarket’s existing investors Greylock and Pitango.
mySupermarket, of whom Growing Business columnist David Soskin is a former chairman, already boasts more than two million monthly unique users across the UK, and is currently growing at an annual rate of 100%.
The company has earned widespread acclaim for its online brand stores, which enable major retailers such as Danone, Kellogg’s and Activia to erect their own mini-outlets on the site.
This latest investments follow three earlier rounds of funding, which raised a total in excess of $21m.
Allon Bloch, CEO of mySupermarket, said his company “has turned the retail model on its head” by focusing on consumer experience, rather than profitability. He added:
“Shoppers are increasingly putting their trust in us as a shopping destination. We present the option of shopping across the major supermarkets, and the choice to check-out with the one that gives them (the consumers) with the best value.”