Maven VCTs lead investment in online food & drink marketplace FodaBox

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We are pleased to announce that the Maven VCTs have led a £2.1 million investment in FodaBox (formerly BoroughBox), a provider of fulfilment, sales and distribution services to over 1,400 independent food and drink retailers across the UK.

Published: Nov 17, 2021
Focus: Growth Capital

London based FodaBox provides consolidated digital and physical infrastructure that offers independent food and drink producers a single partner for online retail, wholesale distribution, fulfilment and export.

FodaBox’s comprehensive suite of services helps high-quality artisan producers overcome the challenges of establishing a reliable and integrated supply chain in a market weighted in favour of mass suppliers. FodaBox enables these brands to reach a wider market, connecting them to a growing customer base of over 100,000 registered users.

The investment comprises £1.5 million from the Maven VCTs, alongside £600,000 from angel investors. This will enable the business to expand its operations, open a third warehouse, further develop its analytical software tools and launch its own private-label products.

Globally, the pandemic has accelerated the shift toward e-commerce, digital and in-home activities. Most commentators believe these newly formed consumer behaviours will persist long after the lifting of restrictions, maintaining the positive market dynamics for online food and beverage suppliers. Indeed, the sector has overtaken health and beauty as the largest online Consumer Packaged Goods segment. (Source: NielsenIQ).

“FodaBox’s services drive increased efficiency and profitability in a sector experiencing sustained demand. Its model enables smaller producers to achieve economies of scale and compete in a market which is seeing a seismic shift in consumer behaviour and is presenting significant growth opportunities.

“The management team, led by Andrew Lawson, have proven their ability both to scale the business rapidly during the pandemic and to add to those sales as the economy has started to return to normal. We see the potential for FodaBox to achieve a market-leading position in the independent food and drink sector and look forward to supporting the business with its growth ambitions.”

Melanie Goward, Partner at Maven

 

“Having spent the first few years establishing sales channels and services infrastructure for independent producers and brands, we’re now excited about working with a partner like Maven to continue scaling the business and delivering our mission of helping the challenger brands of today become the mainstream brands of tomorrow. There’s been a step-change in consumer priorities when it comes to food and drink, ranging from the packaging in which it arrives, through to ethics within the supply chain. The independent sector is always the first to ask questions, innovate and solve these issues, and we’re incredibly proud to support them with our innovative platform.”

Andrew Lawson, CEO at FodaBox

 

Posted in:
Growth Capital

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