You may not have time to go to the grocery stores you want. You need your specialty foods and the stores nearby are just not for you. This is precisely why Mercato was formed, to become your #1 option for connecting with online specialty grocers. Whether you need some deli, cheeses, or that special kind of bread that is perfectly shaped, Mercato has what you need.
Bobby Brannigan, CEO, gives us a brief overview of their recent funding and makes you crave some home-style food that has been missing from your diet.
Who were your investors and how much did you raise?
We raised a $1M seed round with a convertible note from several Angel investors.
Tell us about your product or service.
Mercato is an online marketplace for specialty food stores. We make it easy for these stores to sell online and enable local and national delivery.
What inspired you to start the company?
My family has owned and operated an Italian grocery store in Brooklyn for over 40 years. I grew up working there when I was 10 years, and I have seen the competition and consumer preferences change. Mercato will help stores just like my families survive and thrive.
How is it different?
Mercato is the only online marketplace for specialty food stores.
What market you are targeting and how big is it?
We are targeting all individuals who eat at home.
What’s your business model?
Mercato earns a commission on each sale paid for by the store.
What was the funding process like?
Very interesting. I met with dozens of the most successful Angel investors and VC in the world, most notably Richard Branson on his private island.
What are the biggest challenges that you faced while raising capital?
Raising money before the product was launched.
What factors about your business led your investors to write the check?
My team’s track record.
What are the milestones you plan to achieve in the next six months?
Achieve proof of concept in Brooklyn to enable us to expand to additional territories.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Get creative and do not stop.
Where do you see the company going now over the near term?
We will integrate 50 merchants in NYC over the next 6 months.
Where is your favorite place to enjoy the summer weather in the area?
On the Brooklyn Bridge promenade.