Entrepreneur bags £2m firstminute capital funding for own independent florist marketplace
Floom, the digital marketplace that connects independent florists with customers across the world, has raised £2m in a seed funding round led by firstminute capital.
The investment is said to allow the startup to continue its US expansion and develop its pioneering tech, including the floristry industry’s first SaaS offering.
Founded by 31-year-old entrepreneur Lana Elie in 2016, whose background lies in digital content creation for the likes of Gucci and Prada, Floom is said to be the only curated marketplace of its kind for independent florists.
Floom’s technology platform gives florists the software and tools to create and deliver bouquets to a global network of customers in 125+ countries.
Lana Elie, founder and CEO of Floom, said: “Achieving this seed funding is a huge achievement for us, and we’re delighted to get backing from so many experts in building tech-backed lifestyle brands.
“We’re really excited about developing the technology required to help not only independent florists, but also eventually other hyper-local businesses, thrive in the modern economy.”
The £2m investment comes from a venture capital-led funding round by firstminute capital with Henry Lane-Fox as the lead.
Firstminute capital’s $100m seed fund is backed by 30 unicorn founders and global strategics.
Additional investors include Tom Singh, the founder of New Look, Pembroke VCT, Wing Chan, CTO digital experiences of The Hut Group, and Carlos Morgado, former CTO of Just Eat, who also joins Floom’s board.
The florist industry, which is worth $105bn globally, has witnessed a seven per cent year-on-year growth, with 84 per cent customers saying they will spend more on skilfully arranged, hand delivered flowers from a florist.
Floom’s revenue has increased by 463 per cent over the past 12 months and is projecting £5m in sales in 2019.
Henry Lane Fox, lead investor from firstminute capital, added: “After finding product/market fit with its B2C marketplace, Floom is now perfectly positioned to act on Lana’s vision and build their B2B SaaS solution for its florist partners.
“Lana’s business model is a prime example of a “market network”; combining a marketplace, a direct network, and the lucrative revenue model and stickiness of SaaS.
“With her relentlessness and ability to speak the language of wholesalers, florists and end consumers alike, we believe Lana will put her mark not only on the cut flower market, but the industry as a whole.”