Founded in 2017, The UK-based natural skincare company is already a £10 million business- reflecting demand for sustainable skincare as they push into the US market
Independent Growth Finance (IGF) has provided BYBI with a £1.9 million asset-based lending (ABL) facility. The flexible facility will provide the working capital needed to accelerate their push into the US market, and to expand its range of ‘BYBI’ sustainable beauty products.
BYBI began in 2015 as a DIY podcast focusing on natural beauty products. By recording this co-founders Dominika Minarovic and Elsie Rutterford saw a gap in the market that their expertise could address, and began developing their own products.
In just 5 years the business has grown to over £10 million, with customers including major UK retailers such as Boots and Holland and Barrett. Earlier this year, it released 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.
The sustainable skincare opportunity
In an industry where revenue is often generated through longer-term wholesale contracts, high-growth businesses can find it hard to quickly access the capital needed to scale with demand.
The funding from IGF will provide BYBI with the working capital needed to expand its marketing and sales push into the US. It will also allow them to invest in developing sustainable and natural supply chains across its product line, with an ambition to become beauty’s first truly carbon-negative brand.
This acceleration will be key to achieving its goal of becoming the UK’s number 1 natural skincare brand, as the business moves to establish itself as leaders in an organic skincare market projected to be worth $21.16 billion by 2030.
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.”