PIMM food and packages delivery service is looking to raise up to $50 million through private placements
The move lets PIMM raise money by diluting its stock.
PIMM is turning to an old source of cash in exchange of equity.
The company turning to private investors by diluting his shares ensures the company can raise more money at a later stage with a new source of cash in exchange for something other than equity, without diluting the holdings of existing investors.
It’s a typical move for startups, particularly for those that are not public and are not losing money.
People at PIMM are hoping the company’s valuation might attract investors from all over the world.
PIMM is expected to make money very quickly because it is not re-inventing the wheel and just using existing logistic software to connect the customer, the store and the driver.
“PIMM is focusing on stores and restaurant deliveries to consumers in their neighborhood and so avoiding expensive packing that are required when shipping by UPS, FEDEX, TNT or DHL. Everyday 30 million packages and 25 million food and restaurant orders are delivered all over the USA this is what is going to make PIMM so successful” said. Greg Barn VP of Development at PIMM
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