Pledges for an equity crowdfunding offer by an independent supermarket in Upper Hutt have jumped from about $300,000 to $1.3 million overnight, its founder told RNZ. Plenty Foods launched the campaign to test interest in raising capital so it can compete with New Zealand's big supermarket chains.
Founder Henry Hutcheon said the details were still being worked out, but he hoped backers would become shareholders and receive discounts on up to 50 products. He said the store's card payment records showed 63,000 repeat customers. The money would go on staff, stock and new IT systems, and he wants to grow to 20 stores in 20 years. Hutcheon said people had had enough and that New Zealanders should do it themselves.
Source: RNZ
Photo: California Drive, Totara Park, Upper Hutt by Lcmortensen, CC BY-SA 3.0, via Wikimedia Commons. Illustrative image of Upper Hutt.
