Dublin-based same-day delivery company Buymie has been acquired by Irish retailer Dunnes Stores, according to media reports.
The Sunday Business Post reported that Dunnes Stores sees an opportunity to grow the Buymie business overseas, particularly in the UK.
According to the paper, Buymie will continue to operate as an independent entity, with CEO Devan Hughes (pictured) remaining in his role.
Buymie, which was founded in 2015, currently employs around 50 employees as well as a team of more than 300 personal shoppers.
Raising Funding
Like many firms in the online delivery space, Buymie has found funding difficult to come by in the current economic environment – according to the paper, the group recently hired the Goodbody stockbroking firm to help it raise an additional €10 million to €20 million, but this process proved unsuccessful, prompting the stockbroking firm to seek a buyer.
Dunnes Stores could pay as little as €1 to acquire the business, as well as agreeing to pay creditors, the paper said.
In recent years, Buymie has received support from angel investors, including former Unilever CMO Keith Weed and Kiddicare.com founder Scott Weavers-Wright, while former Superquinn executive Eamonn Quinn is the current chairman of the business.
Read More: Grocery Delivery Firm Buymie Expands In UK With Asda Partnership
Recent Fundraising
Last May, the group announced that it had raised a further €7 million in funding, bringing total funding in the business to €18 million. This investment was led by the firm's biggest backers, including Grosvenor Food & AgTech, Act Venture Capital, Sure Valley Ventures, Haatch Ventures, and HBAN.
Buymie works with retailers including Dunnes Stores, Lidl, The Co-op and Asda.
Read More: Buymie Brings Total Funding To €18 Million
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
