Jiffy secures £2.6m funding to aid UK launch

Jiffy, a new online supermarket, has raised £2.6m in an initial seed-funding round to support its UK launch.

The investment round was led by venture capital fund LVL1 Group, and joined by AddVenture, TA Ventures, Vladimir Kholiaznikov, as well as a number of angel investors.

With a leadership team comprising former managers from Sainsbury’s, Deliveroo, and Revolut, Jiffy aims to deliver fresh groceries and household essentials in roughly 15 minutes.

The initial funding round will be used to finance Jiffy’s first stores in London, which are expected to commence trading in March 2021.

Some 20 dark stores are also planned to open across the UK within the upcoming year, with the firm’s second investment round currently being negotiated.

Lev Leviev, founder of LVL1, said that online express grocery delivery is “gaining traction around the world”.

He added: “Executing hyperlocal delivery requires a combination of online ecommerce and sophisticated offline retail and logistics expertise. 

“Jiffy’s founders are experienced entrepreneurs with a proven track record in these areas, and we are confident in their ability to execute.”

The group claimed that it is a step beyond current e-commerce operations, offering a modern quick commerce (q-commerce) service.

Arthur Shamalov, founder and director at Jiffy, said: “Safety and social distancing concerns have accelerated changes in customer needs and behaviour, creating a rising demand for rapid and contactless grocery delivery. 

“Neither traditional supermarkets nor existing e-commerce businesses have been able to satisfy this demand fully.”