The newspaper reported that Buymie will continue to operate as an independent entity, with CEO Devan Hughes (pictured) remaining in his role.
Growth Opportunity In UK
According to the Business Post, Dunnes Stores sees an opportunity to grow the Buymie business overseas, particularly in the UK.
The ecommerce platform currently employs around 50 people working in technology roles and also has over 300 personal shoppers on its books.
Buymie was founded in 2015.
It has recorded growth of more than 6,900 per cent in the past four years.
The firm has partnerships with retailers such as Dunnes, Lidl, Aldi and Woodies.
Unsuccessful Fund Raising
The newspaper reported that the group recently hired the Goodbody stockbroking firm to help it raise an additional €10 million to €20 million.
This process proved unsuccessful, prompting the stockbroking firm to seek a buyer.
Dunnes Stores could pay as little as €1 to acquire the business, as well as agreeing to pay creditors.
In recent years, Buymie has received support from angel investors.
These include former Unilever CMO Keith Weed and Kiddicare.com founder Scott Weavers-Wright.
Former Superquinn executive Eamonn Quinn is the current chairman of the business.
Last May, the group announced that it had raised a further €7 million in funding, bringing total funding in the business to €18 million.
This investment was led by the firm's biggest backers, including Grosvenor Food & AgTech, Act Venture Capital, Sure Valley Ventures, Haatch Ventures, and HBAN.
© 2023 Checkout – your source for the latest Irish retail news. Article by Maev Martin. Click subscribe to sign up for the Checkout print edition.