Natural food startup brand to continue expansion with seven-figure investment

Natural nut butter producer Pip & Nut is set to continue its journey from challenger startup to “market-leading” brand with a £1m investment from the Greater London Investment Fund (GLIF), via appointed fund manager The FSE Group.

Pip & Nut started life in 2013 as a DIY post-race refuel snack by keen marathoner and company founder Pip Murray. Following a successful stint selling her homemade wares at a London market, Pip won a competition for a would-be entrepreneur to spend three months living rent-free to work on their business proposition.

This was the catalyst Pip needed to take her nut butters from the kitchen table to a commercial operation. Following an intense 2014 securing crowdfunding, sourcing production partners and developing the brand, the first Pip & Nut products launched in Selfridges in 2015, swiftly followed by a nationwide Sainsbury’s presence that same year.

At the same time, Pip was creating the foundations of a business that would put being “better” at its core, as she explained: “When I started making my own nut butters it was because I was looking for something that contained natural and sustainable ingredients and this was a key driver in how I wanted to shape the business.

“We became a certified BCorp in 2019, which means we have to demonstrate in real terms how we are using business as a force for good, providing a measure of our impact on people and the planet and ensuring we reach the highest environmental and social standards.”

As a Community Interest Company (C.I.C.), The FSE Group looks for strong ESG credentials in the businesses it works with. This is reflected in the core aims of the GLIF, which seeks to support high-growth businesses that demonstrate these same characteristics and have often already secured equity funding to fund earlier growth.

Having funded prior growth activity through VC and angel investment, Pip & Nut was now seeking a debt finance solution to expand the team and enable further product development.

David Booth, Pip & Nut’s investment manager at FSE, added: “A balance sheet showing heavy reinvestment of profits often leaves traditional bank funding inaccessible to growing businesses but with an increasing product range and 2022 gross revenues at £11m+ from a zero starting point just 8 years ago, Pip & Nut’s journey towards profitability is clear.

Pip Murray concluded: “Engaging a funding partner who is prepared to look beyond the figures to understand where you are in your growth cycle as a business and support you to reach your potential can be challenging but in FSE and GLIF we have found that.

“We are delighted to have secured this funding and look forward to working with David as we implement our growth strategy.”

By Matthew Neville – Senior Correspondent, Bdaily

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