As Guardian.co.uk and Times Online report, fund manager Fidelity International and Gore’s Generation Investment Management backed the deal, alongside existing shareholders, and now become shareholders themselves.

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Separately, £20 million in new bank financing has also been secured, taking Ocado’s overall debt to around £100 million. Ocado generates annual revenue of about £450 million but is yet to return an annual net profit since its launch in 2000.

Co-founder Jason Gissing says: “There is lots of stuff we want to do on the consumer side whereas before we have been focused on the website and delivering on time.” Ocado claims it is a greener grocery option for consumers, as it discourages people from driving to the shops—fitting in well with the environmental values of Gore and his investment firm.

Ocado has yet to rule out an IPO in future, but according to Telegraph.co.uk, Gissing is happy to wait before cashing in. “We think this market will be worth £40 billion so we are delaying profits to ensure we keep growing and gain market share with our eyes firmly fixed on the big prize,” he says.

Gore’s main media investment is the independent TV network Current TV, which also runs Current.com.