Delli reports increased losses as new funding is sought, with founder support.
- Financial setbacks continue to challenge Delli’s business operations.
- 2023 losses increased by over 80% from the previous year for Delli.
- Despite financial hurdles, Delli secured significant funding from existing backers.
- Delli’s strategy leverages lessons from the fashion industry to enhance growth.
Losses at Delli have broadened significantly, as the independent food platform sought new financial resources to stabilise its cash reserves. The company, founded by Simon Beckerman—also the creator of Depop—recorded a £6.4 million loss in 2023. This represents an over 80% increase in losses compared to the prior year, highlighting the financial challenges faced by the London-based company.
Delli’s financial predicament was further highlighted by a reduction in cash reserves, which dwindled from £5.1 million to £2 million. In a bid to reverse these losses and continue business operations, the company completed a new funding round earlier this month, securing £4.7 million. Notably, Simon Beckerman personally contributed to this funding effort, alongside returning investors such as Balderton Capital. While the precise terms of this deal were not publicly disclosed, it underscores the continued investor confidence in Delli’s business model.
Launched in 2022 by Beckerman and chief executive Marie Petrovicka, Delli showcases a platform where users can buy and sell local food items ranging from pastries to alcoholic beverages. Drawing on experiences from the fashion industry, where Beckerman’s previous platform, Depop, succeeded before being sold to Etsy for $1.6 billion in 2021, Delli aims to differentiate itself through partnerships with social media influencers and a focus on product storytelling and aesthetics.
Despite the steep financial losses, Delli’s strategic focus remains on leveraging experiences from the fashion sector to establish a foothold in the food technology industry. This approach aims to tap into market trends driven by increasing consumer interest in unique, locally sourced food products, while also employing social media engagement as a tool for growth.
Delli’s adept adaptation of fashion industry insights aims to counterbalance financial challenges and invigorate growth prospects.
