Losses at Zapp increased from £76m to £92.5m in 2022 as the rapid grocery delivery firm restructured the business to focus on core markets in what was a challenging year for startups.
Quick Commerce Limited, which operates as Zapp, more than doubled its turnover year-on-year from £11.5m to £28.9m over the same period, according to accounts filed on Companies House.
The cost of sales increased from £13.5m in 2021 to £23.2m in 2022, while administrative expenses rose from £73.8m to £93.6m.
The accounts also show that in February 2023, Zapp secured an additional €16.9m in funding in the form of convertible loan notes from existing and new investors. In October 2023, the company drew an additional $5m against an existing debt facility. Neither have previously been publicly disclosed....