(AIM:PIRI ) noted this morning a new investment by Sure Valley Ventures ("SVV") in Buymie Technologies, of which SVV has a minority investment in, as part of a €2.2 million funding round.
The investment firm confirmed its initial £1.1m investment into entrepreneur-led VC fund Sure Valley Ventures in late November 2019 in return for a 13% interest in SVV.
On-demand grocery delivery service, Buymie, has created a platform that uses artificial intelligence to provide consumers with access to multiple large retailers.
The Irish-based group recently signed a multi-year partnership with Lidl Ireland to provide a personalised online grocery delivery service and also allows consumers to order from Tesco.
Lidl customers can use Buymie’s app and can choose from Lidl's range of permanently listed products available in store.
The online grocery market has come under ‘significant pressure’ to increase capacity amid the pandemic with many grocers unable to scale to consumer demand, the group highlighted.
Shares in Pires Investments closed at 4.5p on Monday afternoon.
Buymie said its model does not require vans and warehouses to be able to increase its capacity and that it can scale its service in weeks rather than months.
In recent weeks, Buymie has seen a 300% surge in downloads and many of its delivery slots being booked up to 6 to 7 days in advance with the group releasing new slots every day.
"This is a very exciting investment, given that the company is providing what is fast becoming an essential service as a result of the Covid-19 pandemic,” said Peter Redmond, Chairman of Pires Investments.
Buymie has raised over €5 million from investors, with this latest round including new investors SVV and Act Venture Capital and long term Buymie investor HAATCH Ventures.
The group said the new funds raised will be used to expand its capacity both in Ireland and internationally.
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