Sure Ventures PLC Buymie Series A Funding Round (8908P)

TIDMSURE

RNS Number : 8908P

Sure Ventures PLC

15 June 2020

Sure Ventures plc ('Sure Ventures' or 'the Company')

Buymie Series A Funding Round

Sure Ventures plc, a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of augmented reality ('AR'), virtual reality ('VR'), Internet of Things ('IoT') and Artificial Intelligence (AI). We are pleased to provide an update on one of its Investments held through its commitment in Sure Valley Ventures Fund ("SVV").

Buymie has just announced a new funding round to raise EUR5.8 million, led by a new investor, Wheatcroft Group, the food and agricultural arm of the Grosvenor Estate. This new funding has been raised at a valuation that represents a 204% increase to Buymie's valuation at the time of SVV's initial investment of EUR300,000 (made in March 2020). This funding round has also been supported by a number of existing investors, including SVV who is investing a further EUR620,000.

Over the last 18 months, Buymie has expanded dramatically to meet the increasing demand for grocery home delivery, a trend which has heightened during the Covid-19 pandemic. Buymie works closely with its retail partners, including Lidl and The Co-op, to help them provide a same-day delivery service to their customers, enabling them to compete with Amazon, which has significant ambitions to lead in same-day grocery delivery.

The business launched in the UK in May 2020, with The Co-op and other UK retailers, marking the company's first expansion outside Ireland. The service is currently available in the Bristol metropolitan area. The funds recently raised will enable Buymie to continue rapid market expansion both in Ireland and in the UK, with 15 other cities currently being considered.

SURE VALLEY VENTURES FUND

Sure Ventures has a EUR7m million commitment to Sure Valley Ventures Fund representing an interest of approximately 25.9% of the underlying portfolio companies detailed in this announcement.

Gareth Burchell-Director Comment "We are very pleased to share this news with investors and to congratulate the Buymie team on landing both the deal with the Co-Op and for raising capital at a 204% premium to the seed round completed in March 2020. The COVID-19 environment has highlighted the demand for their service both from consumers and retailers alike. This cash will enable Buymie to continue to expand at what can only be described as a "rapid" pace. This is not just a COVID-19 story for us, we believe the consumer trend being displayed will be here to stay".

ENDS

For further information, please visit www.sureventuresplc.com or contact:

 
 Gareth Burchell    Sure Ventures plc    [phone] 
 
 

Notes to Editors

Sure Ventures plc listed on the London Stock Exchange in January 2018 giving retail investors access to an asset class that is usually dominated by private venture capital funds. Sure Ventures is focusing on companies in the UK, Republic of Ireland and other European countries, making seed and series A investments in companies with first rate management teams, products which benefit from market validation with target revenue run rates of at least GBP400,000 over the next 12 months. Website: https://www.sureventuresplc.com/

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June 15, 2020 02:00 ET (06:00 GMT)