Online product service A modern milkman has secured a £2.25m investment from Praetura Ventures, a Manchester-based venture capital investor.
Headquartered in Colne, Lancashire, Modern Milkman uses intelligent data and analytics to plan milk cycles, assess demand and reduce carbon footprint. The business works closely with AI solutions company Peak, another Praetura Ventures portfolio company, to integrate information such as expiration dates, customer order patterns and warehouse data to ensure customers receive on-time deliveries with minimal waste in the supply chain supplies.
Modern Milkman, which has 19 centers across England, also works with independent suppliers and farmers to deliver grocery products including eggs, yoghurt and baked goods, fruit and vegetables.
The business was founded in 2018 by Simon Mellin, who previously worked with grocery brands such as HelloFresh, with the aim of making a positive impact on the planet and revolutionizing convenient shopping. Since then, Modern Milkman has experienced rapid growth, opening offices in Manchester, London and Lille, France, and was named the fastest growing company in the North in 2022 by GP Bullhound.
As part of its commitment to creating a more sustainable shopping experience, the business does not use oil-based plastic, and last year it introduced the UK’s first initiative to take back and reuse freshly squeezed orange juice. The Modern Milkman app is designed to help consumers reduce food waste by allowing users to shop little and often without compromising sustainability.
Praetura’s investment is part of Modern Milkman’s wider fundraising plans and will support the business’ ongoing efforts to scale and grow sustainably, which has seen the company save more than 46.5 million plastic bottles.
This latest investment is in line with Praetura Ventures’ ongoing promise to support the Nordic’s early-stage tech business and founder ecosystem with enhanced “more than money” support. This is especially thanks to the mentoring of Praetura’s operational partners – top business leaders from brands such as Apple, Dr Marten’s and AO.com – who provide expert advice and information to the portfolio founders.
The news brings the total number of companies in Praetura Ventures’ portfolio to 28, with Modern Milkman joining other successful tech companies such as XR Games, SteamaCo, Orka, Sparkbox and Fluid.work. Praetura recently announced £125 million in funding from the launch of its first EIS fund, The Praetura EIS Growth Fund, in 2019.
David Forman, Managing Director of Praetura Ventures, said: “We are far from alone in our excitement about Modern Milkman, which is growing at a very impressive pace and now looking to expand globally. In addition to the company’s unique and innovative approach to the food sector, we were attracted by the very real promises of sustainability and plans to significantly curb the use of plastic. The business and its founder, Simon, represent a new generation of Northern business that transcends sectors and places the region at the forefront of UK innovation.”
Simon Mellin, founder and CEO of Modern Milkman, added: “As a company proud of its northern roots, we are delighted to have the support of Praetura Ventures on the next stage of our journey. We are excited to partner with and learn from them and their impressive portfolio of technology businesses as we continue our goal of achieving the scale and consumer loyalty needed to realize our vision of rebooting our groundless society.”
About Praetura Ventures
Praetura Ventures is a Manchester-based venture capital firm that invests in start-up and high-growth businesses across the UK, with a particular focus on supporting entrepreneurs in the North of England.
Praetura Ventures is committed to increasing post-investment value and providing the “beyond cash” support needed to grow a business, including additional expertise, resources, networks and guidance to its investee companies.
Since 2019, Praetura Ventures has backed over 28 companies, including Northwest-headquartered Culture Shift, XR Games and Peak.
The firm also has a Venture Partners Program, an innovative collaborative initiative targeting knowledgeable, connected and successful individuals who want to add value and potentially provide mentorship, advice, introductions and investment to the next generation of entrepreneurs. In just a few months, the firm has grown its venture partner base to 85+ members, typically high-level individuals.
Learn more at praeturaventures.com and LinkedIn
About the modern milkman
Modern Dairy began as a local dairy, inspired by David Attenborough’s Blue Planet and the need to reduce plastic waste. As a purpose-driven business, we strive to make a positive impact on the planet and the communities we serve. Modern Milkman’s mission is to revolutionize consumer habits by offering new ways to return and reuse packaging, ethical shopping and convenience. Our milk deliveries are delivered 3 times a week and are easily managed online, making it convenient and affordable to shop sustainably.
Modern Milkman secures £2.25 million Series A Follow On investment from Praetura Ventures