Online supermarket start-up Supie has secured $2.5 million in seed funding, with the company eyeing up future growth.
Supie founder Sarah Balle. Photo: Maegan McDowell Photography / Supplied promotional image
Founded by Aucklander Sarah Balle in May, Supie initially launched to the Auckland region with a full supermarket range.
The over-subscribed funding round was led by New Zealand venture capital firm Icehouse Ventures, and the company said the new funds would be invested in driving growth through marketing and innovation.
Balle said investors saw the value in providing a supplier-friendly and customer-centric approach to food retailing.
"We are providing a choice for Auckland households to put their hard-earned money into supporting a Kiwi supermarket who genuinely supports New Zealand's food producers, and we're humbled to see the amount of interest in Supie," she said.
The funding round was also supported by Enterprise Angels and included funding from Arc Angels, a fund focused on investment in female entrepreneurship.
"The grocery industry in New Zealand is concentrated and lacks competition. We were drawn in by the opportunity to create a more diverse consumer offering and a more fair operating model for suppliers," Icehouse Ventures partner Barnaby Marshall said.
Marco Marinkovich, who leads Supie's marketing and technology said the company was pleased with the funding result.
"Everything we do at Supie is centred around making it better and fairer for everyday Kiwis and the funds are going towards us continuing to create the new supermarket model, not just rearranging the old way which is clearly broken. Challenges drive innovation and we are motivated to change the way we buy and sell food in New Zealand," he said.
Supie said it now delivers to more than 6000 members and had seen 1700 percent growth during Auckland's most recent lockdown.