Nottingham-based, Lazy Flora, has secured £500,000 from venture capital firm, Midven, through the Midlands Engine Investment Fund (MEIF) in a deal that will create over 20 new jobs over the next three years.
The MEIF is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. It is supported by the European Regional Development Fund, the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd. D2N2 LEP contributed £11.75m of ERDF to the Midlands Engine Investment Fund.
The investment will help to expand Lazy Flora’s marketing efforts – building on its success over the last 12 months which has seen its revenues increase by 600 per cent, following increased demand for its online plant delivery service.
The company will also use the investment to further develop its product range and build advanced e-commerce capabilities. Lazy Flora is also planning to add more than 20 new staff over the next three years, supporting its continued growth and meeting customer demand.
Lazy Flora was founded by Claire Ransom in 2017. After living in city apartments, but still having a desire to bring plants into her home and balcony space, Ransom was faced with the challenge of finding good quality plants online
Claire Ransom, Lazy Flora Founder, said: “We are absolutely delighted to have received this game-changing investment from Midven. The Lazy Flora family is a close-knit, passionate team, who have been dreaming big and taking decisive action for the past three years. We have the beginnings of a truly exceptional team and product and are so excited to now be able to execute the ambitious plans we have for the business.”
Sajeeda Rose, Chief Executive, D2N2 LEP, said: “I’m delighted to see the Midlands Engine Investment Fund supporting dynamic and ambitious businesses. Lazy Flora is a great example of a firm innovating and adapting to accelerate growth and provide job opportunities, supporting our collective ambitions to rebuild and grow our economy.”