LONDON: Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, provides an update in relation to Buymie, Ireland’s same-day grocery delivery company, an investment within the Sure Valley Ventures (“SVV”) portfolio.
Buymie has launched a one-hour personal grocery shopping service in Leeds and Bristol in partnership with supermarket chain Asda, allowing customers to access Asda’s full online range of products with the on-demand delivery platform. Buymie’s network of personal shoppers will exclusively pick, pack and deliver each order, giving customers the ability to submit any preferences and discuss their requests, including the type of substitutes they would accept if their original choices are unavailable.
The service, which will operate under the brand “Asda Express powered by Buymie”, will be initially trialled for three months across selected postcodes within a three-mile radius of ten Asda stores in Leeds and Bristol and will create 60 new jobs in the two cities. The partnership will allow Buymie, which was founded in Ireland in 2016, to expand into a market that is ten times the size of the Irish one. Due to its different operating model, Buymie generally requires less capital to expand its operations compared to certain of its competitors.
Pires has a circa 20% interest in SVV. SVV is a venture capital fund focused on investing in the software technology sector with a specific focus on artificial intelligence, the internet of things and immersive technologies.
Nicholas Lee, Director of Pires commented: “We are delighted to note Buymie’s partnership with Asda, one of the UK’s largest supermarkets, which will allow customers to communicate directly with their personal shopper and receive their shopping within an hour.
“This partnership is evidence of the successes the business has achieved to date, having already secured partnerships with Tesco, Lidl and Co-Op. Buymie’s valuation has increased significantly since SVV’s original investment and we look forward to updating the market in line with its ambitious growth plans.”