Oddbox raises £3mn to expand nationwide

Oddbox, the London-based sustainable fruit and veg box delivery service, has raised GBP 3mn from the  Northern Venture Capital Trust Funds (VCTs), which are managed by Mercia.

The funding allows the company to expand its services outside of London and further develop its technology. Oddbox works with farmers to supply seasonal produce that is at risk of going to waste. It has achieved over 400% growth in the past twelve months fuelled by soaring demand for sustainable shopping options.

ClearlySo, an impact investment bank, provided corporate finance advice and investor introductions to Oddbox. Shoosmiths provided legal advice to Mercia, while Tait Walker provided financial due diligence, while Confidas provided management due diligence, Aon insurance due diligence, and Food Strategy Associates commercial due diligence.

The company was founded in 2016 by wife and husband team Emilie Vanpoperingh and Deepak Ravindran, Oddbox has rescued over 2,000 tonnes of produce from going to waste and delivered 400,000 boxes within London.