The Modern Milkman secures funding from Insight Partners to accelerate growth and further develop bespoke tech platform
The Modern Milkman has experienced rapid growth, resulting in a revenue increase of 1000% in 2020.
10 June 2021, Greater Manchester, UK: The Modern Milkman, a fast-growing sustainable grocery start-up that offers doorstep grocery delivery in return and reuse packaging without single-use plastics, announces the closing of a funding round led by global venture capital and private equity firm Insight Partners. Existing investors ETF Partners and Serial Investor Simon Murphy also participated in the round.
The Modern Milkman was founded with a mission to reduce plastic waste. As a purpose-driven business, they are committed to making a positive impact on the environment and the communities they serve. The past year has seen consumer shopping habits change quickly, accelerating demand for grocery delivery. Coupled with increasing expectations for more sustainable options, The Modern Milkman has grown rapidly, resulting in a revenue increase of 1000% in 2020. Since launch, the company has helped reduce more than 187 tonnes of single-use plastic waste, which is equivalent to over 31,000 wheelie bins of plastic saved.
The funding will be used to increase research and development, as well as support the business’ continued growth in the UK. The investment will be used to expand the team to enable The Modern Milkman to develop innovative ways to package fresh groceries in return and reuse packaging. The expansion will also allow for further investment in bespoke technology.
Jeff Lieberman, Managing Director at Insight Partners, said
“Consumers are reassessing their consumption, and they expect the businesses they buy from to help them on that journey. The Modern Milkman combines a focus on great customer experience with a business model that is suited to significant expansion to meet the needs of customers across the UK and beyond, and we are delighted to be supporting the company on the next stage of its growth.” As part of the investment, Brad Fiedler, Senior Investment Associate at Insight Partners will be joining Modern Milkman’s Board of Directors.
Simon Mellin, founder and CEO at The Modern Milkman, said
“We are focused on meeting the needs of consumers that are increasingly aware of sustainability issues and expect the businesses they engage with to be passionate about the same issues that they are. Rapid expansion has allowed us to make sustainable choices convenient and accessible to all. Our operational excellence, commitment to customer-centricity and an advanced digital platform has allowed us to capitalise on the radical shifts in consumer demand, and we are delighted to have one of the world’s leading VCs recognising our potential.”
Tomer Strikovsky from ETF Partners said
“The Modern Milkman’s growth is due to to the team’s ability to meet rapidly changing consumer demands. We are delighted to be further involved in the company as it continues to help consumers be more sustainable.”
Notes to editor
For further information, please contact:
Junior Brand Manager, The Modern Milkman
+44(0)7935 907 211
The Modern Milkman: The Modern Milkman started as a local milkround inspired by David Attenborough’s Blue Planet and the need to reduce plastic waste. As a purpose-driven business, we are committed to making a positive impact on the planet and the communities we serve. The Modern Milkman’s mission is to revolutionise consumer habits by delivering fresh ways to return and reuse packaging, shop ethically, and feel good about convenience. Our milkrounds deliver 3 times a week and are easily managed online through our tech, so that shopping sustainably is convenient and accessible. For more information visit themodernmilkman.co.uk.
About Insight Partners: Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About ETF Partners: ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Their funds come from institutional investors, global corporations and family offices. We create value by investing in and supporting great European companies that deliver Sustainability Through Innovation.” For more information, visit etfpartners.capital.
About Simon Murphy; Simon Murphy is a London based European focused Angel Investor, specifically focusing on D2C & E Commerce. Adds value through experience in direct acquisition go to market strategies.