Snappy Shopper has raised a seven-figure sum from existing investors to fuel its ongoing growth ambitions.
Led by major investor Highland Technology, the investment round will be used to fund the company’s core technology platform – which enables local retailers to serve customers online with its home delivery service.
The leading home delivery marketplace has achieved triple digit average annual revenue growth since its inception, and has seen strong growth post pandemic.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
Snappy Shopper has reached numerous record-breaking milestones this year, with 50 million products sold and more than five million orders placed through the platform.
Alongside this, the business has introduced cost-of-living initiatives that aim for convenience stores to offer value for money, and stay relevant at a time when retail businesses must have a successful ecommerce strategy.
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.
The business intends to capitalise on the slowdown of the dark store operating model, and capture consumer demand by enabling existing convenience stores to offer a profitable quick commerce service using the platform’s leading technology.
“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,” chief investment officer at Highland Technology, Niall Santamaria said.
“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.”
Santamaria added that he has been impressed how Snappy have continued to grow the number of retailers they support and customer orders they process.
“With an exceptional senior leadership and broader team now in place, we expect them to continue their impressive growth trajectory across the UK and into Europe,” he said.
CEO of Snappy Shopper, Mike Callachan commented: “This round of investment signals the next chapter for Snappy Shopper.
“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. We are excited about the path ahead and grateful to have such supportive investors with us on the journey.”
The news comes as Snappy Shopper’s 1p packed lunch initiative sold over 3,600 packages. Running through 21 to 22 August over the summer, the campaign looked to help feed children returning to school as the summer holidays come to an end.
