A Cheshire-based business that launched just 20 months ago is celebrating double-success after securing £4.25m in funding, which values the business at £20m.
Pura, the eco-friendly baby brand that launched in June 2020, has received £4.25 million in series A funding, led by private equity and investment firm Maven Capital Partners.
Co-founders Guy and Abi Fennell launched Pura as new parents, and the business’s growth spurt has been driven by its disruptive marketing, quality products and environmental credentials.
Guy Fennell, Pura founder and CEO said: “Pura started out as a small business with very big ideas and our success in such a short time has demonstrated that we have a viable business model with strong growth potential. The investment is testimony to this.
“Maven expertise will help us scale up to the next level in 2022. Ultimately, the funding will help us make it even easier for parents to make a positive change and switch to baby care that is good for the planet and their baby.”
Pura is on a mission to “democratise eco” for all parents with its multi-accredited but affordable 100% plastic-free baby wipes and eco-friendly nappies, attracting parents looking to move away from traditional, less sustainable, brands to baby care that’s good for baby, planet and piggy banks.
Set up initially to sell to parents via its website mypura.com, the investment will also support Pura’s expansion into bricks and mortar retail which began with its supermarket debut with Asda on April 9th.
Led by Guy Fennell, an experienced fast moving consumer goods retailer and entrepreneur, and supported by an experienced senior management team, Pura has ploughed a significant amount into research and development since it’s inception. The recent investment will fund further product innovation with key additions to its eco range planned this year.
Pura’s distinctive marketing – featuring playful activist “spokesbabies” – has already received critical acclaim and earned the brand £250,000 in advertising value in the Sky Zero Footprint Fund. The investment will enable Pura to further develop its marketing activity and educate even more parents about “easy eco”.
Determined to use business as a force for good, the Pending B-Corp and Carbon Neutral brand is the only business to be recycling millions of nappies in Wales, annually, through its Pura NappiCycle partnership. The funding injection means Pura can focus on achieving its bold ambition to bring this service to parents in the rest of the UK, starting with a trial in Bristol in the coming months.
The transaction with Maven includes £4m of funding split evenly across the Maven VCTs, NPIF Maven Equity Finance, part of the Northern Powerhouse Investment Fund, and Maven Investor Partners, Maven’s high net worth investment syndicate.
James Rosthorn, Senior Investment Manager at Maven, said; “Pura represents an exciting opportunity for our investors to back a high growth ESG brand with strong environmental credentials and one which has developed an innovative range of products for both consumers and large retailers.
“The business has built up scale in a short period of time, by an experienced and credible management team, who have personally invested significant sums into the company. Given the quality of the business and the wider macro sentiment around environmental and sustainable brands, we see significant growth potential for Pura over the coming years.”
