Edinburgh-based specialist peer-to-business crowdlending platform LENDINGCROWD is backing DIET CHEF, the diet food home delivery company with £1.5 million in debt finance.
Co-founder and CEO of LendingCrowd STUART LUNN says the scale of the deal underlines the platform’s growing credibility as an alternative to traditional lenders.
“Many high street banks still don’t cater well for high-growth firms or SMEs in sectors with specific funding needs. LendingCrowd can offer a competitive and straightforward package with the backing of the 1,300 investors on our platform.”
Diet Chef, which was launched by KEVIN DORREN and ANDREW VEITCH from a garage in 2008, is now the largest diet food home delivery company in the UK. CEO Dorren says it was important for the company to have the right funding package in place to drive future growth and to work with a like-minded entrepreneurial organisation.
“LendingCrowd thinks like we do, so it was a real bonus for us to be able to partner with another expanding online business that shares our vision.”
Since it was launched in October 2014, LendingCrowd has loaned in excess of £3.7million to 35 SMEs across the UK in need of finance to help them grow. It recently celebrated its first birthday by scooping up the prestigious B2B category at the Scottish Digital Business Awards for providing business loans to help support the growth of SMEs.