Modern Milkman Raises £50m After Investment Round Closes

Modern Milkman: has announced that it has raised £50m in total funding after closing its Series C investment round.

The round is led by existing investors Insight Partners and ETF Partners, new tier one investors Praetura Ventures and Avery Dennison, as well as various angel investors.

Experiencing growth of more than 500% on average each year since its inception in 2018, the award-winning milkround continues to strengthen its position in the market. In 2022, the company expects to not only break even in the UK market, but also close the year with revenue growth of more than 100% year-on-year.

Recognizing the vital role of data and digital technology in driving sustainability solutions in the grocery industry, Modern Milkman will use the funding to increase research and development for new product innovation, pioneer technologies and achieve firsts. in the UK, all while supporting global expansion strategies.

Committed to leading the battle against plastic waste, Simon Mellin and friends founded Modern Milkman four years ago. Now working with a network of independent suppliers and proudly supporting British dairy farming, the brand has 16 centers across England and has saved over 55 million plastic bottles to date – and counting.

The substantial funding acquired from existing investors Insight Partners and ETF Partners demonstrates the two companies’ continued confidence in Modern Milkman’s business position and proposition and will help build a strong economic unit as well as drive continued growth. The addition of new investor Avery Dennison, innovators in the branding and packaging space, will support Modern Milkman’s ongoing sustainability efforts through the development of pioneering technology to reduce packaging waste.

Combining technology with sustainability, the brands will work together to creatively use inlays and radio frequency identification tags (RFID tags) to monitor and track the journey of Modern Milkman’s reusable glass bottles. This will be the first time this technology has been used to identify the end-to-end lifecycle of returnable glass bottles in the UK, ultimately reducing waste and increasing green efforts in the food sector. .

Jeff Lieberman, CEO of Insight Partners, said of the fundraising: “We are delighted to continue our support of Simon and the Modern Milkman team. Modern Milkman is at the forefront of combining a strong business model with an emphasis on supporting the environment, all while providing an accessible digital customer experience. We are pleased to work alongside them on the next steps of their journey.”

Tomer Strikovsky of ETF Partners commented on the fundraising: “We are delighted to continue supporting Simon and the Modern Milkman team. In today’s macroeconomic environment, it’s not at all obvious that a consumer-scale business is capable of generating such profitable growth. I think it’s a testament to the power of a green product that’s competitively priced, as well as stellar execution by a stellar team.”

Hassan Rmaile, Senior Vice President, EMENA & Global Innovation Label and Graphic Materials, Avery Dennison said of the fundraising: “Avery Dennison is committed to doing its part to reduce packaging waste and strongly supports developing innovations to achieve it. We believe our investment and future collaborations with The Modern Milkman can help drive new circular business models for consumers.”

Simon Mellin, CEO and Founder of Modern Milkman, said: “We founded Modern Milkman on the belief that being sustainable should be convenient and we are delighted to have gained the support of so many incredible companies to further accelerate our green ambitions and empower the next phase in sustainable technology.We are eager to collaborate and learn from technology industry leaders as we continue to revolutionize convenient grocery shopping, helping customers be sustainable during a period of inflation, not just at home in the UK, but also internationally.

Simon Mellin, CEO and Founder of Modern Milkman continues: “The future for Modern Milkman looks incredibly exciting and we are pleased to announce that we will be launching a crowdfunding initiative that will officially launch on November 29. Funds invested by the public will help accelerate the expansion of our plastic-free return and reuse range, as well as improve the online customer experience to make it even easier to shop ethically. We have some very ambitious targets to restart the dairy industry and embed the circular economy into the fabric of the UK, and we can’t do it alone, so we’re giving the nation a chance to invest in our exciting business.”

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