Modern Milkman, a grocery delivery startup that delivers milk and other groceries while tackling plastic waste with its returnable glass milk bottles, has closed a Series C funding round led by Insight Partners and ETF Partners. The round also included investments from Praetura Ventures, Avery Dennison, and several angel investors. The company plans to use the £50m raised to expand globally and use radio frequency identification to track its reusable glass bottles.
Modern Milkman closed a Series C funding round, raising a total of £50m to fuel its global expansion. The round was led by previous investors Insight Partners and ETF Partners. Praetura Ventures, Avery Dennison, and several angel investors also provided capital. The company plans to use radio frequency identification to track its reusable glass bottles and tackle plastic waste.
Manchester-based VC Praetura Ventures invested £2.25m in Modern Milkman as part of the Series C funding round. The round was led by Insight Partners and ETF Partners, with additional investment from Avery Dennison and several angel investors.
Modern Milkman, founded in 2018 by Simon Mellin and four friends, now has 16 hubs across England and claims to have saved over 55 million plastic bottles. The company expects to break even in the UK market in 2022 and achieve year-on-year revenue growth of “over 100%”. The company’s sustainable business model has allowed it to stand out from other q-commerce startups that have struggled to find profitability.
Modern Milkman has secured £50m in a Series C funding round to expand globally and continue its mission of delivering groceries sustainably. The company has received support from Insight Partners, ETF Partners, Praetura Ventures, Avery Dennison, and several angel investors. With its returnable glass milk bottles and radio frequency identification technology, Modern Milkman is revolutionizing an old business model for the 21st century. The company expects to break even in the UK market in 2022 and achieve significant year-on-year revenue growth.
