BYBI secures £1.9 million to grow brand internationally
BYBI has secured £1.9 million in funding from Independent Growth Finance to help expand its footprint and develop its range of sustainable beauty products.
The funding will allow BYBI to expand its marketing and sales push into the US. It will also allow the company to invest in developing a sustainable and natural supply chains across its product line, with the ambition of becoming beauty’s "first truly carbon-negative brand".
Founded in 2017, BYBI is known for its skincare products designed to optimise skin health and wellness. Formulated using low-carbon production methods, all BYBI products are 100% vegan and cruelty-free. Since its launch, the brand has expanded its stockists to UK retailers including Boots and Holland & Barrett.
Earlier this year, the brand released the world’s first carbon-negative skincare product with the BYBI Glowcurrant Booster. The product catches more carbon than it emits and is made from eco-ingredients that aim to nourish, moisturise and brighten skin.
Dominika Minarovic, Co-founder of BYBI, said: “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. 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. IGF were the perfect partners. They understood the needs of a growing company, and the process was fast, flexible and transparent, with no unnecessary red tape.”
Michael Fletcher, Commercial Director at IGF, added: "IGF is pleased to play a part in helping this exciting young company achieve its goals. We pride ourselves in being great partners for high-growth and mid-market firms who all too often lack access to fast, flexible finance from traditional lenders. 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.”
