Oxford Capital and Doehler Ventures led round
Bower Collective, the sustainable consumer goods business, confirmed on Thursday that it has raised £2.1m in seed stage fundraising.
The round led by Oxford Capital and Doehler Ventures is aimed at accelerating the growth of the business, the company said in a statement, allowing packaging innovation and new product development to increase market share.
Bower offers a range of sustainable home and personal care products as part of its mission to eliminate plastics.
The company has developed a new approach to ecommerce by providing a closed loop, plastic waste-free solution.
Users of the service subscribe to a range of products that are supplied in refill packages. Customers return the empty packages in pre-paid envelopes to Bower for reuse and recycling, ensuring zero plastic waste in their supply chain.
Since its launch in January 2020, Bower has seen rapid growth, building a community of over 60,000 consumers and delivering 30% month-on-month growth in revenues.
Backed by funding from Innovate UK, Bower is currently working on a next generation reusable packaging system, which will allow the business to reuse and refill at significant scale. It aims to launch this new packaging in Autumn 2021.
While Oxford Capital and Doehler Ventures are the first institutional investors into the business, a number of prominent angel investors also participated in the round including Dharmash Mistry.
Nick Torday, Co-Founder and CEO, Bower Collective commented: “At Bower we are passionate about creating a transformative sustainable solution within the home and personal care market and are really proud of the exceptional talent that we’ve attracted to build the brand going forwards.”
“This fundraising round will enable us to accelerate the growth of the business, continue driving innovation across product and packaging while taking advantage of the rapid growth of subscription services.”