Henkel under the umbrella of Henkel Ventures is investing in the US cleaning products start-up Truman’s, based in Louisville, Kentucky, which offers cleaners that utilize refillable bottles and concentrate cartridges to reduce plastic. The investment comes just over six months after Truman’s launched, propelled by a video that’s gotten more than a million views just from LinkedIn sharing.
WHO: Truman’s is a Kentucky-based direct-to-consumer start-up that makes four concentrated hard-surface cleaning products designed as concentrated cartridges to be dropped in reusable bottles and adding water. The product is more environmentally friendly than traditional products, reducing the need for single-use plastics and reducing the transportation footprint in the cleaning industry.
Henkel Ventures is Henkel‘s corporate venture capital engagement with a total volume of up to 150 million euros. The dedicated team actively evaluates and manages equity investments and joint development projects with start-up companies. Building on existing successful collaborations between Henkel’s three business units and start-ups, Henkel Ventures focuses on a variety of digital and technological search fields.
WHY: Henkel is further expanding its expertise in innovative and sustainable household products while at the same time gaining insights in a promising direct-to-consumer business model.
IN THEIR OWN WORDS: “Convenience and sustainability today are top-of-mind for an increasing number of today’s consumers and we continuously advance our portfolio while addressing these topics. Specifically, when it comes to packaging, Henkel pursues ambitious targets for sustainable packaging to promote a circular economy and reduce plastic waste,” said Robert Günther, Corporate Director, Henkel Ventures. “We look forward to gaining insights from the Truman’s team, as well as supporting them with our expertise and resources.”
“The partnership with Henkel validates that Truman’s is leading the effort to drive progress in the cleaning industry,” said Truman’s co-founder and CEO Jon Bostock. “Cleaning should be simple, convenient and environmentally friendly.”
“By combining the resources of Henkel with our team’s proven track record of reimagining traditional product categories, we’re positioning Truman’s for rapid growth long-term,” said co-founder and Chief Marketing Officer Alex Reed.
- Truman’s has raised a $5 million minority investment led by Henkel Ventures.
- Truman’s has been growing 30% monthly since its February 2019 launch.
Photo: via Truman’s