Baby Spice’s baby startup Kit & Kin breaks record for fastest angel investment
An eco-friendly baby product business founded by former Spice Girls singer Emma Bunton has broken a record for the fastest fundraising round from angel investors.
Kit & Kin achieved its target of £420,000 in just one week through online site Angel Investment Network (AIN), the fastest raise in the platform’s history.
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The firm was ultimately offered more than £1m in fresh funding, but opted to accept only its target amount. AIN said raises of that size would normally take six weeks.
Bunton, who was nicknamed Baby Spice during her time in the popular pop group, founded the nappy and skincare company in 2016 alongside business partner Christopher Money.
“The raise via the AIN has certainly surpassed all expectations and we ended up having to cap the number of discussions,” said Money.
“We’ve come away from the raise with a select few who will bring significant strategic value that will certainly strengthen our offering and help us realise our potential over the years to come.”
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Kit & Kin said it will use the latest investment, which was completed in February, for staff, expansion and stock supply to service large orders.
Baby Spice will be hoping to follow in the footsteps of actress-turned-entrepreneur Jessica Alba, whose baby and beauty firm The Honest Company is now valued at roughly $1bn (£768m).