Retail tech startup Ubamarket has raised £875,000 from 35 high-net-worth individuals including Nick Stenning, a former SVP at Unilever.
Hans Falkenburg, the former CEO of Cotswold Outdoor, also participated in the round, which was raised via private investment house IW Capital.
Ubamarket raised the funds across two rounds, raising £325,000 from 15 investors, who then participated alongside 20 new investors in the most recent £550,000 round.
The company was established after William Broome, the founder, became frustrated following a supermarket visit as he struggled to find the items on his shopping list.
Ubamarket lets consumers add their shopping list to their phone, then the app arranges the listed items in the order they can be found in their chosen store.
Broome went on to say the app will monetise by charging retailers a monthly subscription fee and will also seek to charge suppliers wanting to promote their products on customers’ shopping lists.
Speaking about the ‘daunting’ fundraising process, Broome said he would advise fellow entrepreneurs to persevere in their quest to fulfil their vision.
“There are so many hurdles to overcome, but it’s really all about belligerence and not taking ‘no’ for an answer.
“Show your passion and people will buy into that,” Broome added.
The app currently only works for one particular store, but the new funding will be used to roll it out across the UK, with the view of eventually launching internationally. The cash will also be used to fund the development of Ubamarket’s Android version and to cover legal costs, including the filing of a global patent.
Both Stenning and Falkenburg have joined Ubamarket as non-executive directors.