Independent Growth Finance (IGF) has provided UK-based BYBI with a £1.9 million asset-based lending facility to help it become the world's first carbon-negative skincare brand.

WHO: Elsie Rutterford and Dominika Minarovic founded BYBI in 2017 after the duo co-authored a blog, hosted a podcast called Clean Beauty Insiders, and wrote a book entitled Clean Beauty: Recipes to Manage Your Beauty Routine, Naturally. BYBI Beauty, which stands for "By Beauty Insiders," is a high-performance range of clean skincare products using sustainably sourced ingredients.

WHY: High-growth businesses can find it hard to quickly access the capital needed to scale with demand. The flexible facility will provide the working capital needed to accelerate its push into the US market, aid new product launches, and invest in developing sustainable and natural supply chains with an ambition to become beauty's first truly carbon-negative brand.

IN THEIR OWN WORDS: Co-founder of BYBI Dominika Minarovic said, "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. 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.

“IGF were the perfect partners. They understood the needs of a growing company, and the process was fast, flexible, and transparent, with no unnecessary red tape."

Commercial Director at IGF, Michael Fletcher, said, “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 them to realise long-term orders into working capital will accelerate their trajectory, giving them the best chance of establishing themselves as leaders in the sustainable beauty space."

DETAILS:

• In five years, the business has grown to over £10 million in revenue. 
• Earlier this year, the brand launched the world's first truly carbon-negative skincare product with the “BYBI Glowcurrant Booster.” This first-of-its-kind product uses ingredients and processes that sequester carbon throughout its supply chain, without relying on offsetting.
• In December 2020, the brand raised a $7 million Series A round of funding led by Point King Capital and existing investor Unilever Ventures to expand into the US in Target.

REFERENCE: BYBI Closes $7 Million in Series A Funding