Member Article

NATURAL SKINCARE RANGE LOOKS TO CROWDFUNDING FOR GROWTH

West Yorkshire-based natural skincare manufacturer, SkinKind (UK) Ltd, has turned to Leeds-based crowdfunding platform, rebuildingsociety.com, for finance to expand its operation.

The crowdfunding concept works by hosting SkinKind’s application for finance on rebuildingsociety.com’s platform, then the site’s users are invited to bid amounts and repayment terms in a reverse auction until the funding requirement is met, with the most advantageous pledges taken forward.

SkinKind produces natural skincare cleansers and creams to treat extreme skin conditions like eczema, psoriasis, acne and dermatitis that affect up to 20 per cent of the UK’s population.

SkinKind’s range is already available on NHS prescription and distributed through the three main pharmaceutical wholesalers, and with over 100 doctors already prescribing its products, so owner Steve Brookes plans to use the cash increase promotion of the range to GPs. Explaining his decision to use alternative finance, Brookes said: “Crowdfunding is a fast, no-nonsense approach to business finance that will help companies like mine achieve growth. I don’t believe banks can compete on cost either, while the red tape is very frustrating for SME owners.”

Brookes also hopes the unique crowdfunding model will mean those who invest in his company will have the opportunity to use and then promote his product by mentioning it to their GPs.

Daniel Rajkumar, managing director of rebuildingsociety.com, added: “I’m delighted that Steve has turned to crowdfunding to finance this exciting stage of the company’s development.

“As well as funding SkinKind’s growth plans, our platform offers investors and would-be savers the chance to make returns that far outweigh anything offered by ISAs with the flexibility to sell on their loan if they need to access cash before the expiry of the repayment term.”

SkinKind is looking for £49,000 and to repay the loan over three years. People looking to invest in SkinKind (UK) Ltd should visit www.rebuildingsociety.com

This was posted in Bdaily's Members' News section by Nick Moules .