SNAPPY SHOPPER RAISES MAJOR GROWTH FUNDING
Snappy Shopper has raised a seven-figure sum from existing investors Highland Technology, Kelvin Capital and Scottish Enterprise. The funds will be used to invest in the convenience store home delivery platform’s growth plans and core technology.
The Dundee-based business intends to capitalise on the slowdown of the dark store operating model and capture consumer demand by enabling existing local shops to offer a quick e-commerce service.
So far, Snappy Shopper has been focused on the UK convenience sector, but plans to expand to other high street retailers as well as internationally, having already made strides here via its Hungrrr proposition for hospitality.
The company has achieved triple digit average annual revenue growth since its inception in 2018, hitting the 50 million products sold and more than five million orders placed through the platform milestones during 2022.
Chief executive Mike Callachan commented: “Following another record-breaking year, we have continued to onboard new stores at pace and deliver record numbers of orders. Our capital light model uniquely places us to grow in a challenging business environment as consumers continue to value convenience and local businesses.”
Niall Santamaria, chief investment officer at Highland Technology, said: “Snappy Shopper’s business model sets them apart from their rivals who rely on expensive site leases and fit outs, holding of inventory and logistics processes, to compete with convenience store retailers.
Instead, Snappy partners with thousands of small business owners who have been serving their communities for years, if not generations, and enable them to not only serve their customers better but grow their own businesses.”
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, added: “Snappy Shopper has become an established name in communities across Scotland, and is an excellent example of how e-commerce can work in partnership with local retailers to the benefit of customers.
Scottish Enterprise was pleased to participate in Snappy Shopper’s latest investment round, which will further enhance the company’s innovative technology platform.”
In August last year, the group raised £19.4 million in a Series A round with a £6.6m strategic investment from PayPoint. Investment also came from Highland Tech, Maven Capital Partners, Kelvin Capital and Scottish Enterprise.
