Supie, New Zealand’s online supermarket, has announced it has brought forward its second capital raise due to unprecedented growth in members and revenue over the last quarter.
Since the beginning of this year Supie has seen a huge increase in demand, partly due to the Omicron variant and the findings of the Commerce Commision report into the supermarket sector duopoly.
This has seen a huge influx of new members who have also been retained following the Auckland delta peak. The demand has been significant that there have been some instances where orders cannot be fulfilled quickly enough, due to resource constraints and there is now a need to raise funds to fulfill this demand but also to invest in even more growth.
“We need investors now more than ever, so have decided to bring our next capital raise forward so we can meet the demand of Supie customers and maintain the service and experience we are becoming known for.” Says Supie founder Sarah Balle.
“Sarah has impressed with her ability to flex this huge demand and execute the opportunity, while at the same time building huge credibility as an industry thought leader. We’re excited to be giving her some assistance and look forward to welcoming new strategic investors as well as returning shareholders.” Says Ben Kepes, a member of Supie’s Advisory Board.
During the last seed funding round $2.5 million was raised, showing that Kiwi investors are prepared to back the future of grocery shopping. The funding round was led by Icehouse and supported by Enterprise Angels and included funding by Arc Angels, a fund focused on investment in female entrepreneurship.
The growth of the start-up, since it launched in June has been testament to that, with Supie now delivering a range of over 5,000 products to more than 20,000 members. The growing demand for high-quality produce and a fairer supply model is seeing Supie meet consumers needs.