A Cheshire-based eco-ethical baby care brand has secured a £4.25m investment from private equity firm Maven Capital Partners.
Mypura.com specialises in eco-friendly baby wipes and nappies. Since it launched in 2020, the business has undergone rapid growth driven by its disruptive marketing, quality products and environmental credentials.
The transaction 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.
Michael Law, former operations director at Next Plc, has also invested and will join the board.
Originally set up to sell direct to the consumer, the funding will support Pura's expansion into B2B sales targeting the supermarket sector, including the US. It will allow for increased investment into marketing to help drive its growth.
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."
Dean Cox, senior investment manager at NPIF Maven Equity Finance, said: "Supporting ambitious North West based businesses like Pura is what NPIF Maven Equity Finance was set-up for.
"Pura has developed two routes to a large and growing market and has proven that its products perform to a high standard and at a competitive price point. The business has also built a differentiated brand that is addressing the demand from consumers for eco-friendly, sustainable household items and we are excited by its future potential."
Guy Fennell, Pura founder and chief executive, said: "Maven's investment and expertise will help us scale up to the next level in 2022. Ultimately, the funding will help us make it even easier for more parents to make a positive change and switch to baby care that is good for the planet and their baby."
Clare Hayward MBE DL, chairman of Cheshire and Warrington LEP, added: "Pura is a growing eco-friendly business that was born right here in Cheshire. It's a brilliant example of the kinds of businesses that NPIF was set up to support, providing access to finance for innovative companies full of potential.
"As a region, we have made huge commitments to hit Net Zero, and have a clear long-term vision on how to achieve it. Low carbon businesses like Pura play an instrumental role in that plan, and I look forward to monitoring their growth journey."
Principals and key advisers to the transaction were legal: Pannone Corporate (Maven) DLA (Management); financial: Knight Transaction Services (Maven) and RSM (Management); management: Confidas People (Maven); insurance: Locktons (Maven) and tax: Knight Tax Advisory (Maven).