THE WHAT? UK-based sustainable and vegan skincare company BYBI has closed $7 million in Series A funding, with the investment led by Point King Capital, according to a report by WWD.com.
THE DETAILS The company, which was founded by Elsie Rutterford and Dominika Minarovic in 2017, creates clean skincare products using sustainably-sourced ingredients.
Ian Lopatin, Founder of Athleisure brand Spiritual Gangster also participated in the round.
THE WHY? The company is set to use the investment to help fund its expansion into 1841 Target stores in the U.S., with 12 products. The rollout will begin on 17th January, 2021.
Rutterford said, “Fundraising throughout a pandemic was certainly challenging, but we’re thrilled with how the round has panned out. The close of Series A marks an exciting time for BYBI as we shift our focus to expansion into the United States in a meaningful way.”