The Nurturing Co (TNC), which owns and operates the sustainable plastic-free home goods brand Bambooloo, has raised GBP187,013 (more than US$252,000) in an oversubscribed equity crowdfunding round on Seedrs.
The money came from 193 investors from Singapore and the UK, in return for a minority stake of 7.43 per cent at a pre-money valuation of US$3.1 million.
The capital will be used to finance Bambooloo’s expansion into the UK in 2021, as well as to launch its new products.
Also Read: Startup of the Month, December: Bambooloo by The Nurturing Co.
“We took the decision to launch first in the UK under Bambooloo UK Ltd as our first main market outside Singapore, as we felt that the scale of opportunity, early and promising development of the sustainable alternatives sector and improving trade relationships with Singapore created a good set of signals for the timing to move on this plan,” Co-founder David Ward told e27.
TNC was originally started in US in 2018 as a luxury toilet paper made from 100 per cent sustainable bamboo. Its product are available on notable e-commerce websites such as Redmart, Cold Storage, and Lazada.
Bambooloo provides customers with 100 per cent plastic-free packaging. Its main goal is to provide cost-effective, safer, healthier daily essential products that help reduce water usage, carbon impact and slow deforestation.
Also Read: Singapore’s plastic-free home goods brand Bambooloo raises seed funding
The brand recently added a bamboo-based personal safety mask-line to its products.
“Daily essentials are every home need in today’s world. But importantly here in Singapore, we see an increasing opportunity to link what we offer to the overall sustainability goals of the government and the nation as a whole. This aligns directly with those of the Singapore government in seeking to reduce waste, better manage resources and create a smarter less impacting society,” he said.
Since its last angel seed round from TNC and a small group of investors in Singapore and the US, Bambooloo claims to have grown 280 per cent this year, despite the challenges created by COVID-19.
Earlier this month, Bambooloo expanded into Malaysia through its partner Starkers, which is based in Johor Bahru.
Aside from Singapore and Malaysia, its products are also available in New Zealand.
The startup plans its next Seedrs funding round in the summer, early autumn of 2021.
According to Ward, COVID-19 has in some ways created more overall awareness of our impact on the natural world, but also brought basic daily use essentials like toilet paper and anti-bacterial wipes into sharp focus for many many people. “And with more than 70 per cent of consumers seeking better less impacting alternatives we felt that the time to push international was now,” he concluded.
—
Image Credit: Bambooloo
The post Bambooloo raises US$250K+ via equity crowdfunding to expand its plastic-free home goods into UK appeared first on e27.