An online grocery startup looking to break the New Zealand supermarket chain’s duopoly has raised NZ$3.9 million
The startup, founded in 2021, opened its final round of funding in June through Snowball Effect with a goal of raising $2.5 million and a $3 million cap, but extended the raise due to overwhelming interest.
The money is used for: Supie to support Auckland’s expansion, technology development, marketing initiatives to drive member growth and working capital to continue financing expansion, inventory, people and operations.
Founder Sarah Balle launched her online supermarket “to disrupt New Zealand’s broken food industry” and promote local producers. supie now has over 27,000 members after 12 months of trading with over 6,500 grocery items to choose from.
Balle said Supie is also responding to the lack of access to wholesale grocery supplies in New Zealand in the wake of a report by the NZ Commerce Commission recommending that the duopoly be required to provide access to wholesale supplies.
“Over the past three years, Supie has built its own wholesale offering from more than 350 suppliers and is seeking expressions of interest from retailers seeking access to wholesale messages,” she said.
The company has already hit the bull’s eye annual revenue of $6.5 million in FY2022.
“We are humbled by the support of kiwi investors. What started as an ambitious idea in 2018 is now a reality and it is incredible to see everyday kiwis align with our mission and travel with us,” said Balle.
During Supie’s seed funding round, it raised $2.5 million, led by Icehouse and supported by Enterprise Angels and Arc Angels, a fund focused on female entrepreneurship investment.
Snowball Effect is New Zealand’s leading online investment marketplace, helping high-growth Kiwi companies raise capital from private investors, family offices and the public.
CEO Simeon Burnett said the capital raise for Supie set the record for the largest number of investors in a single raise.
“The increase has generated strong demand from a wide range of kiwi investors, large and small, and we are proud to provide a platform that enables a wide range of investors to support ambitious companies such as Supie,” he said. .