Grocery delivery service Modern Milkman has secured £50 million in funding to support packaging innovation, accelerate growth and deliver international expansion.
The Series C round was led by existing investors Insight Partners and ETF Partners, new investors Praetura Ventures and Avery Dennison, in addition to a number of angel investors.
Modern Milkman was founded four years ago with a commitment to reduce plastic waste. With 16 hubs across England and working with a network of independent suppliers, the brand claims to have saved over 55 million plastic bottles to date.
Jeff Lieberman, managing director at Insight Partners, said: “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 in the next steps of their journey.”
New investor, Avery Dennison, will support these sustainability efforts, working with the brand to use radio frequency identification inlays and tags (RFID tags) to monitor and track the journey of Modern Milkman’s glass bottles. According to the company, this will be the first time RFID tagging technology has been used to identify the end-to-end lifecycle of returnable glass bottles in the UK.
Hassan Rmaile, senior VP, EMENA and global innovation label and graphic materials at Avery Dennison, said: “Avery Dennison is committed to doing its part to reduce packaging waste, and strongly supports the development of innovations to achieve this. We believe our investment and future collaborations with The Modern Milkman can help drive new circular business models for consumers.”
Modern Milkman’s CEO and founder, Simon Mellin, added: “We’re looking forward to collaborating with and learning from leaders in the tech industry as we continue to revolutionise convenient grocery shopping, helping customers to be sustainable throughout a period of inflation – not only at home in the UK, but internationally too”.
© FoodBev Media Ltd 2022
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