Major retailer Tesco has chosen Hubbub to help it with the launch of a new crowdfunding platform – Tesco BackIt, which aims to give smaller food businesses the chance to showcase food and drink products to customers online to help them grow.
Hubbub has crowdfunded for good causes for the past five years, and has now seized the opportunity to bring crowdfunding into the fast- moving consumer goods (FMCG) sector.
These products may be from independent suppliers who need to market demand before being stocked or need to test a new product on a wide consumer base.
With crowdfunding, people can support products they actually want to see in big stores. Crowdfunding lets the masses play a new and innovative part in deciding which products retailers sell.
Jonathan May, CEO of Hubbub, said: “We are very excited to be working with Tesco to help build new and exciting supplier relationships. We believe in integrating crowdfunding into the DNA of organisations and creating democratic opportunities for funding.
“This project delivers a triple bottom line: value to the small businesses by allowing exposure to a wide consumer base, value to the customer by allowing early access to great new products, and value to Tesco by helping to identify new potential supplier partners and a range which fits customer needs.”
In August, Tesco agreed to sell its Euphorium Bakery business for an undisclosed sum.