Eco-friendly cleaning brand raises £1.9m
A UK-based eco-friendly cleaning brand has raised £1.9m to continue its expansion and get its products on to more supermarket shelves.
OceanSaver’s dishwasher tablets, laundry detergents and cleaning spray refills compete with the leading brands on price and performance but are free from plastic and harmful chemicals. They are already stocked by Tesco, ASDA, Co-op, Waitrose and Ocado.
The funding from NPIF II – Mercia Equity Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II), will enable the company to expand its range, target other retailers and pursue its goal to become the UK’s biggest eco-cleaning brand.
OceanSaver, which is based in Leeds and currently employs 12 staff, expects to double the size of its team in the next three years and achieve a six-fold increase in turnover to reach £30m by 2030.
Established in 2018, OceanSaver formulates products with ocean life in mind. In the last two years alone the company has saved over 15 million pieces of plastic, including nearly 1 million plastic bottles and half a million soft plastic packs, from going into the ocean, landfill or incineration. One per cent of its turnover goes to the Blue Marine Foundation, the UK’s largest ocean charity.
OceanSaver has increased turnover by over 60% in the past 12 months and, following the launch of its Pearl dishwasher tablets in May, is now the UK’s fastest growing dishwasher and laundry brand.
Rhys Harvey, CEO, said: The ocean acts as the planet’s life-support system, producing 90% of our oxygen and removing CO2 from the atmosphere. Ocean health begins at home, with what we put down the drain and in the bin. OceanSaver has made a really positive start but still has a long way to go. This funding will enable us to reach out to more customers to show them that little everyday changes really do add up.”
Will Schaffer of Mercia Ventures added: “The UK market for home cleaning and laundry products is worth over £6bn market but trends are changing. As consumers become more concerned about plastic waste and pollution, there is a steady shift toward eco-friendly products. OceanSaver’s products are an appealing choice as they enable consumers to live more sustainably without spending more. The company is well placed to take advantage of the shifting plates and expand its market share.”
Lizzy Upton, senior investment manager at the British Business Bank, said: “Driving forward the sustainable economy is one of the core aims of NPIF II, ensuring we’re supporting businesses that are creating real-world solutions to the growing threat of climate change. All from a Yorkshire base, OceanSaver is doing exactly this, catering to growing consumer demand while providing a product that better protects our planet. Our region is full of forward-thinking, eco-conscious businesses, and NPIF II is primed to continue supporting them.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.