The Withers tech team has advised venture capital fund ETF Partners as co-lead investor in a £50 million Series C round into The Modern Milkman, a sustainable grocery delivery service.
The round was led by long-standing existing investors ETF Partners and Insight Partners, new investors Praetura Ventures and Avery Dennison, as well as several significant angel investors.
ETF Partners is a UK-based venture capital fund focused on identifying and backing high-potential start ups with a positive impact. The Modern Milkman uses data analytics to map delivery routes and is aiming to tackle plastic waste with its returnable milk bottles. Founded in 2018, the Modern Milkman claims its service has saved over 55 million plastic bottles.
London partner James Shaw comments: "With this recent funding, The Modern Milkman will continue to create innovative technologies to reduce packaging waste and track the end-to-end lifecycle of returnable glass bottles in the UK – a traditional practice that is being modernised by new practices. This is a fantastic investment for ETF Partners, a firm that invests in forward-thinking ventures that deliver sustainability through innovation."
Withers tech is the technology, life sciences and venture capital focused team at international law firm Withers.