Online groceries company Modern Milkman has welcomed almost 1,500 new investors after it completed its first-ever crowdfunding round.
The Colne-headquartered business, which was founded by chief executive Simon Mellin, raised over £600,000 during its Crowdcube campaign, 20% ahead of its initial target.
The company said the funds will help it expand its range.
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The fundraise comes after Modern Milkman secured £50m when it closed its Series C investment round towards the end of 2022.
The business received the backing of existing investors Insight Partners and ETF Partners.
At the time, Modern Milkman said it expects to breakeven in the UK in 2022 and close the year with over 100% year-on-year revenue growth.
In October, BusinessLive reported that the company's revenue had more than tripled from £7.9m to £24.7m in 2021 while its pre-tax losses widened from £1.7m to £15.4m.
The company delivers eco-friendly produce through a subscription model such as milk, juice, eggs, butter, bread, fruit and vegetables in plastic free packaging and returnable glass bottles.
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