In January of this year we published our Manifesto as a venture capital firm for the very first time....
Online grocery shopping has exploded globally, with particularly rapid adoption in the UK. Although the proportion of British shoppers buying their food online continues to grow - with the market set to double in value by 2020 to £17.2bn - online grocery shopping remains relatively underpenetrated at around 5% of total sales. Technology trends have allowed juggernaut supermarkets to innovate but the value chain itself has remained largely undisrupted. And growing consumer demand for convenient delivery of the highest quality, locally sourced food has remained largely underserved - until now.
Like successful companies, successful ecosystems go through distinct stages. Having conducted one of the most comprehensive studies ever undertaken into European tech, it is clear to us that 2015 has been a breakthrough year in which our major hubs have gone to a new level. View our report in full: The State of European Tech from AtomicoVentures
When we first met David and Siraj, the founders of The Climate Corporation (or Weatherbill, as the company was called back in 2007), we were immediately struck by their vision, courage, foresight and ambition. The team had set themselves a huge goal: the use of technology to take on the global insurance industry. Long before "big data" became a ubiquitous buzzword, they had seen the potential for data to impact the many millions of people around the world whose livelihoods are affected by the weather. In many ways, the scale of their global, disruptive ambition felt a lot like our ambition when we started out with Skype. Although Atomico now focuses on hyper-growth, later stage companies, back then we felt an instant connection and decided to be an early investor.