The Modern Milkman secures £5m investment
The Modern Milkman has secured £5m of investment from ETF Partners (The Environmental Technologies Fund).
The rapidly-growing Colne-based start up delivers groceries from independent and local suppliers directly to customers’ doorsteps in returnable and reusable packaging.
It increased revenues tenfold in 2020 and will use the new funds to expand its operation throughout the UK.
To date, the company has helped to reduce more than nine tons of single-use plastic, and the investment tallies with ETF Partners’ mission to fuel digital innovation in sustainable European start-ups.
Simon Mellin, founder and CEO of The Modern Milkman, said: "ETF was the obvious choice of investor for us and we're thrilled to have their support as we move into the next phase of our journey.
"We believe their insight, skill and experience in the sustainability space will help us deliver the positive impact we strive to have on the environment at pace, as we move forward with our expansion plans across the UK over the course of 2021."
Tomer Strikovsky, from ETF Partners, added: "In today’s world, many of us are looking to reduce our environmental impact on the planet, but convenience remains key to daily life. The team at TMM have been able to intelligently respond to these oft viewed as duelling consumer requirements.
"We have learned that they need not be; consumers do not need to forgo convenience when prioritising the sustainable environmental, economic, and social structures surrounding food delivery. We have full confidence that TMM will play an important role in changing how we consume food, and we continue to be impressed by the founders and their commitment to sustainability."
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