Independent Growth Finance, a UK asset-based lender for small and mid-sized businesses, granted £1.9 million to the brand. Dominika Minarovic, who co-founded BYBI back in 2017, said the new funding will be "crucial" for growth.
She added that it gives the brand "capacity and capital to focus on what matters: growing the business and developing pro-planet, skin-positive products."
Environmental responsibility is a priority for BYBI. In fact, more than 50 percent of its product range utilizes upcycled ingredients. Its Strawberry Booster, for example, features strawberry waste from the juice industry.
Sugarcane polyethylene (upcycled from the sugar industry), glass, and grass paper are all used to package the beauty brand's products.
Going carbon negative
But BYBI isn't just content with sustainable packaging and ingredients. The brand strives to become the world's first carbon-negative beauty brand. One step above carbon neutral, this means that, eventually, BYBI will remove more carbon from the atmosphere than it emits.
Its Glowcurrent Booster, a serum that brightens and moisturizes skin, already carries a carbon negative label. This is because it not only uses low-carbon ingredients, but it also sequesters carbon throughout its supply chain.
Michael Fletcher is Independent Growth Finance's commercial director. He said the firm "is pleased to play a part" in helping BYBI achieve its goals.
"We pride ourselves in being great partners for high-growth and mid-market firms who all too often lack access to fast, flexible finance from traditional lenders," he said.
He added that the funding will give the brand "the best chance of establishing itself as a leader in the sustainable beauty space."