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The company saw $3 million annual recurring revenue in 2019, according to Underwood, but has only raised cash sparingly from angel investors and incubator Techstars. "We've been growing at a staggering pace with more than a million deliveries a week last year," Underwood told Business Insider in an interview. "The issue with raising money from VCs is that you dilute control of your business and you know from that moment there is a death date for your company."estimates that British founders give away between 10-20% of their business in equity at seed stage. Underwood wanted to take a different route.
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