Nut butter brand Pip & Nut has secured over £1 million in funding as it aims to hit a retail sales value of £25 million by 2020 and expand abroad.
The investment includes participation from existing backers such as industry expert Giles Brook. Pip & Nut said that in 2018 it is on track for 71% year-on-year growth.
Founded by entrepreneur Pippa Murray, UK-based Pip & Nut launched to market in January 2015, quickly achieving a host of large-scale listings.
Now three years old, the brand can be found in five international markets, the UK’s ‘big four’ supermarkets and over 5,500 stores around the UK and Europe.
The brand offers a range of eight nut butters, available in jars and squeeze packs. And with milk alternative sales set to surge in the coming years, Pip & Nut aims to capitalise on the boom with last year’s introduction of its almond drinks, available in three variants: unsweetened, honey and vanilla, and coconut.
Pip & Nut was founded by Pippa Murray and launched to market in 2015.
Pippa Murray said: “This is our most significant fundraise, one we believe will not only accelerate our ascent in the nut butter category but take us closer to our goal of becoming one of the nation’s favourite healthy food brands.
“We’ve had a phenomenal start to the year and are thrilled that key retail partners are continuing to recognise both our performance and potential, significantly increasing our fixture space, along with launching new lines.”
Investor Giles Brook added: “Having worked with Pip & Nut since inception, I’ve been able to witness first hand the incredible amount of dedication and passion that has gone into growing the brand over the past three years, particularly Pip’s total obsession with trying to surprise and delight consumers every single day.
“This investment marks a significant step change for Pip & Nut where they look to carve deeper inroads in the UK, launch exciting innovation into new categories and start to expand the brand overseas. I’m really excited about this next chapter and believe Pip & Nut is set to become a landmark food and drink brand in the coming years.”
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