Delli, the independent food platform, is grappling with increased losses as it seeks additional funding.
- The company’s losses soared to £6.4 million in 2023, marking an over 80% increase from the previous year.
- Delli’s cash reserves plunged from £5.1 million to £2 million during this period.
- A recent £4.7 million funding round was supported by co-founder Simon Beckerman, along with previous investors.
- Delli aims to differentiate through influencer partnerships and product storytelling, inspired by lessons from the fashion industry.
Delli, an independent food platform based in London, has recently experienced a significant increase in its financial losses. As the company strives to stabilise its cash flow, it reported a loss of £6.4 million for the year 2023, a stark rise exceeding 80% compared to 2022.
Throughout this period, Delli’s cash reserves diminished sharply from £5.1 million to £2 million. In an effort to counterbalance its financial challenges, Delli concluded a new funding round earlier this month, which raised £4.7 million. Notably, Simon Beckerman, the co-founder of Delli and Depop creator, contributed personal funds to support the initiative. Furthermore, previous investors such as Balderton Capital also participated, although details of the deal remain undisclosed.
Since its inception in 2022 by Beckerman and Chief Executive Marie Petrovicka, a former Depop executive, Delli has facilitated local food transactions through its e-commerce platform. Users have access to a variety of local food products, ranging from pastries and sauces to beer and wine. Delli’s strategy involves leveraging influencer partnerships and focusing on the storytelling and aesthetics of its products, a tactic drawn from the fashion industry, to distinguish itself from competitors.
Delli’s strategic efforts to curb its financial losses reflect its commitment to innovation and adaptation in a challenging market.
