THE WHAT? BYBI has announced that it has secured an £1.9 million asset-based lending facility from Independent Growth Finance in order to accelerate its push in to the US market and expand its range of sustainable beauty products.
THE DETAILS “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 Co-founder of BYBI Dominika Minarovic. “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 WHY? The funding will provide BYBI with the working capital necessary to expand its marketing and sales push into the US as well as invest in developing sustainable and natural supply chains across its product line, with the ambition to become the world’s first carbon-negative beauty brand.
Commercial Director at IGF, Michael Fletcher, commented, “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 [it] to realise long-term orders into working capital will accelerate [its] trajectory, giving [it] the best chance of establishing [itself] as leaders in the sustainable beauty space.”