28th February 2022
Maven Capital Partners, one of the UK’s most active investors in growing businesses, has today announced that it has led a £4.25 million funding round for Mypura.com Group Limited , a fast growing baby care brand which specialises in eco-friendly baby wipes and nappies.
The transaction includes £4 million of funding split evenly across the Maven VCTs, NPIF – Maven Equity Finance which is 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.
Since it launched in 2020, the Cheshire-born business has experienced rapid growth driven by the quality of its products and its environmental credentials. Pura’s plant based wipes are 100% plastic free, 100% biodegradable and 100% compostable and are accredited by both the British Skin Foundation and Allergy UK. Pura was also a finalist in the 2021 Sky Zero Footprint Fund.
The business has a large addressable market and a competitively priced product, positioning Pura in the sweet spot of consumers looking to move away from traditional established brands to more agile eco-ethical brands. Led by Guy Fennell, an experienced fast moving consumer goods (“FMCG”) retailer and entrepreneur, and supported by an experienced senior management team, Pura has invested a significant amount in research and development, which includes proprietary IP in the product.
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, and 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 both consumers and large retailers. The business has built up scale in a short period of time, by an experienced and credible management team, who have personally invested significant sums into the Company. Given the quality of the business and the wider macro sentiment around environmental and sustainable brands, we see significant growth potential for Pura over the coming years.”
Dean Cox, Senior Investment Manager at NPIF – Maven Equity Finance, added; “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 CEO said: “We’re delighted to welcome Maven onboard as we begin a new and exciting chapter in the Pura story. Pura started out as a small business with very big ideas and our success in such a short time has demonstrated that we have a viable business model with strong growth potential.
“Maven’s investment and expertise will help us scale up to the next level in 2022. We plan to expand our retail distribution, both online and in bricks and mortar. The capital injection will also ensure that we continue to use business as a force for good by bringing the Pura service to the entire UK. 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, Chair of Cheshire and Warrington LEP, said: “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.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Maven Capital Partners UK LLP is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 495929.
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