Backed by Independent Growth Finance, the sustainable company will use the funding to further expand into the US market and develop its product line.
Sustainable skin care brand BYBI has received £1.9m of funding from asset-based lender Independent Growth Finance (IGF), furthering its mission to bring carbon-negative beauty to consumers around the world.
Founded by Dominika Minarovic and Elsie Rutterford in 2017, earlier this year the brand released what is said to be the ‘world’s first’ carbon-negative skin care serum: its Glowcurrant Booster, which features ingredients and processes to sequester carbon throughout its supply chain.
Now, the company will use the £1.9m asset-based lending (ABL) facility from IGF to invest in NPD, developing sustainable and natural supply chains and expanding its marketing and sales efforts in the US market, where it launched in 2020.
“As a growth business generating revenue over long payment terms, the funding from IGF will be crucial in allowing us to realise cash from sales and invest in growth,” said Dominika Minarovic, co-founder of BYBI.
“Since the funding has come through things are much calmer, giving us the capacity and capital to focus on what matters- growing the business and developing pro-planet, skin-positive products.”
The flexible funding is said to provide an alternative to longer-term wholesale contracts, designed to help high-growth SMEs access the capital needed to scale with demand, according to IGF.
Michael Fletcher, Commerical Director at IGF, added: “IGF is pleased to play a part in helping this exciting young company achieve its goals.
“The business fundamentals driving BYBI’s impressive growth were clear, and allowing them to realise long term orders into working capital will accelerate their trajectory, giving them the best chance of establishing themselves as leaders in the sustainable beauty space.”
Now said to be worth more than £10m, BYBI offers a range of skin, lip and eye care products with ‘clean’ and vegan-friendly ingredients, with products sold in retailers including Boots and Holland & Barrett in the UK.