Modern Milkman secures £2.3m Series A follow-on funding from Praetura Ventures to support scaling efforts
Manchester-based Praetura Ventures backed the round to support the online grocery provider's ongoing scaling and sustainability initiatives.
Modern Milkman operates an online grocery service that uses data analytics to streamline milk rounds and curb carbon emissions. The company delivers various provisions while eliminating oil-based plastics from supply chains.
Modern Milkman has secured £2.3m in Series A follow-on funding from Praetura Ventures to support its ongoing scaling and sustainability efforts. The Lancashire-based online grocery service uses intelligent data to optimise delivery rounds and reduce waste. The fresh capital will aid the business as it continues to expand its operations and promote sustainable shopping habits.
Praetura Ventures, a Manchester-based investor, backed the round as part of its ongoing strategy to support early-stage technology companies across the North of England. The investment adds to Modern Milkman's wider fundraising efforts following a period of rapid growth that has seen the company establish hubs across England and France.
From the founder
"As a business proud of our Northern roots we’re thrilled to have secured the support of Praetura Ventures for the next phase of our journey. We’re excited by the opportunity to collaborate and learn from them and their impressive portfolio of tech businesses as we continue on our objective to achieve the scale and consumer loyalty we need to realise our vision to reset our throwaway society."
Simon Mellin
founder and CEO at Modern Milkman
Investor perspective
"We are far from alone in our admiration of Modern Milkman, which has grown at a highly impressive pace and is now eyeing global expansion. As well as the company’s unique and innovative approach to the grocery sector, what attracted us are its highly authentic sustainability pledges and plans to significantly curb plastic use. The business and its founder Simon represent a new generation of Northern businesses, that are transcending sectors and putting the region at the forefront of UK innovation."
David Foreman
Managing Director, Praetura Ventures
Use of funds
- 01Scale operations
Investors
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About the company
Modern Milkman
Modern Milkman runs an online grocery and delivery service focused on sustainable packaging.