Pires Investments (AIM:PIRI)
noted this morning a €5.8m funding round made by Buymie Technologies, of which Sure Valley Venture holds a minority investment in.
Same-day grocery delivery company, Buymie, has raised €5.8 million, led by a new investor, Wheatsheaf Group, the food and agricultural arm of the Grosvenor Estate, to continue its expansion in both Ireland and the UK, with 15 other cities currently being considered.
The funding, of which SVV has invested €620,000 into, has been raised at a valuation that is over 200% of Buymie's valuation as at the time of SVV's initial €300,000 investment made in April 2020.
Buymie, which had previously been operating exclusively in Ireland, expanded its services across the UK in May 2020 alongside The Co-op and other UK retailers.
Shares in Pires Investments closed at 3.85p on Friday afternoon.
AI-based Buymie works with retail partners including Lidl and The Co-op, providing a same-day delivery service to their customers and enabling them to compete with Amazon, which the group said has ‘significant ambitions to lead in same-day grocery delivery.’
Buymie has ‘expanded significantly’ over the last 18 months to meet the increasing demand for grocery home delivery, a trend which has heightened during the Covid-19 pandemic.
"We are delighted that Buymie has raised €5.8 million to help fund the expansion of its activities,” said Peter Redmond, Chairman of Pires Investments.
He added, “It is also particularly pleasing to see the significant increase in Buymie's valuation compared to the valuation at the time of SVV's initial investment in April 2020.”
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