London-based smol, has raised £24 million in a Series B for its homecare brand
Homecare eco brand smol has raised £24 million in a Series B funding round led by Eight Roads Ventures, early backer of Alibaba, alongside with Google Ventures and Latitude. Existing investors Jam Jar and Balderton Capital also took part in the round. The funding is intended to further develop their product and expand into other European markets.
Paula Quazi and Nick Green (ex Unilever) have founded smol in 2018 and along with the celebration of its third anniversary this year, the company announced that it has helped customers save over 1,000 tonnes of chemicals, 350 tonnes of plastic and 10 tonnes of animal fats. At this stage smol provides subscriptions of eco-friendly laundry capsules and dishwasher tablets delivered to people’s homes at a competitive price. “ We want to bridge the divide between big brand products that focus on affordability and efficacy, and smaller eco-friendly brands that are more expensive and less effective” stated co-founder Paula Quazi.
A recent study from Brandbean showed that 80% of consumers tend to switch to more eco-friendly products, shown to be true even more in the pandemic, where the need for environmentally cleaner and sustainable products, as are smol’s products, delivered home has greatly been accelerated. Co-founder Nick Green said: “ The last year has further increased consumers’ awareness of the ecological impact our everyday actions have, and the role younger brands can have in making a positive difference”
Other than laundry capsules, the company has further expanded its product line to fabric conditioner, dishwasher tablets, surface sprays and hand sanitizer, all being manufactured with low carbon footprint, reduced added chemicals and are vegan and animal cruelty-free as well as being 100% recyclable.
“The Stagnant household care market is finally getting a long-overdue shake-up, with smol making sustainability and convenience the norm rather than the exception. We are excited to support smol’s ambitious mission to help consumers make a positive environmental impact in a convenient and affordable manner.” said Eight Roads Ventures Partner, Michael Treskow.
Source: Tech.eu “UK-based homecare products brand smol raises $34 million in Series B round led by Eight Roads Ventures”