Freddie’s Flowers raises £3.7m from customers and new investors in four weeks to ramp up its online expansion
Flower delivery group Freddie’s Flowers has raised £3.7m from customers and new investors in four weeks to ramp up its online expansion.
The company launched its first ‘flower bond’ on October 5.
The funding round closes on November 17, and the group has already surpassed its initial target to raise £2m. It is hoping to bag up to £10m.
Blooming: Founder Freddie Garland wants to double the size of the business – which has seen sales rocket to £26m – by 2022
Freddie’s Flowers has been a rare success story during the pandemic and has seen the number of subscribers to its weekly delivery service rise from 60,000 to more than 100,000.
Founded by Freddie Garland, 32, from a gazebo in his parent’s back garden in 2014, it delivers 40,000 boxes of flowers per week.
Garland wants to double the size of the business – which has seen sales rocket to £26m – by 2022. The four-year flower bond offers backers twice-yearly cash payments worth 5 per cent of their investment – or regular boxes of flowers worth 7.5 per cent.
Investors must put at least £2,500 into the bond. Last week it launched its first international business, in Germany.