The investment was made on behalf of Northstar’s Finance for Business North East Proof of Concept Fund, which is backed by the European Investment Bank, the European Regional Development Fund and regional development agency One North East.
Newcastle-based LoveYourLarder.com allows customers to purchase hard-to-get ingredients and food products by bringing together independent producers online. At present the company has 70 producers signed-up and offers more than 500 products.
Further expansion is expected with the investment enabling the company to hire two new staff, one who will work in marketing and PR, and another who will develop new features for the website.
The Finance for Business North East Proof of Concept Fund is a £15 million fund that supports the early stages of business creation within the technology sector. Investments usually range between £20,000 and £100,000.
LoveYourLarder.com founder is Tristan Watson. Proof of Concept Fund head Richard Exley admits that Watson himself was ‘the key factor’ in compelling them to invest.
‘While Love Your Larder is a really exciting opportunity in itself – he has all the entrepreneurial attributes we look for in a start-up founder, and our investment helps to round the team,’ comments Watson.