Online supermarket Supie has added more products to their range, now offering shoppers over 6500 grocery items, including beer and wine.
Supie has also just hit a new record on crowdfunding platform Snowball Effect, raising nearly $4 million to expand the company’s reach.
Launched in 2021 as founder Sarah Balle saw an opportunity to disrupt the grocery industry in New Zealand, Supie has seen rapid growth and gone from strength to strength as kiwis rally support. The online supermarket now has over 27,000 members after 12 months of trading.
The start-up opened its latest funding round in June through Snowball Effect with a target of raising $2.5m. Initially opening with a cap of $3m, Supie extended the funding round to accommodate interest with the raise closing at just under $4m.
After achieving an annualised revenue of $6.5m in FY2022, the online supermarket is using capital to fund technology development, marketing initiatives to drive membership growth and working capital to continue to fund expansion, inventory, people and operations as it focuses on its Auckland expansion.
“We are humbled by the support from kiwi investors. From what started as an ambitious idea back in 2018 is now a reality and it’s incredible to see everyday kiwis aligning with our mission and coming on the journey with us,” says Sarah.
Snowball Effect Chief Executive Simeon Burnett said the capital raise for Supie has set the record for the largest number of investors in a single raise.
“The raise saw strong demand from a wide range of kiwi investors, big and small, and we’re proud to provide a platform that allows a wide range of investors to back ambitious companies like Supie,” says Simeon.
During Supie’s seed funding round, it raised $2.5 million, led by Icehouse and supported by Enterprise Angels and Arc Angels, a fund focused on investment in female entrepreneurship.
Supie is also responding to the lack of access to wholesale supply of groceries in New Zealand after the Commerce Commission’s report recommending the duopoly be required to provide access to wholesale supply. Over the last three years, Supie has built its own wholesale supply from over 350 suppliers and is seeking expressions of interest from retailers looking to access wholesale groceries.