A London based contemporary hair care brand has secured £550,000 from the Greater London Investment Fund to support its range expansion. The funding will enable the brand to recruit a number of new employees over the next three years.
Champo, whose name comes from the Sanskrit word for shampoo is influenced by the ancient principles of Ayurveda, meaning their range is natural and sustainable as well as being vegan and cruelty free. The products are made without the use of silicone, sulphates or parabens.
Using knowledge passed on by the company founder’s grandmother, the combination of oils and techniques treats and restores hair. Though this knowledge originated in India, the shampoos are designed in the UK and produced in Dorset, with each botanical being rigorously researched and tested. The range is currently stocked in Harrods and is a Marie Claire Hair Awards 2021 and INDY BEST/BUY 2021 winner.
Kuldeep Knox, Founder and Chief Executive Officer of Champo, commented: “The funding has come at a really important time as we grow our business to meet market demands. The UK hair care market is at a really exciting point in time. People are willing to pay more for superior products, but they expect different things from their shampoo than they did 5 years ago. They want a product which is intelligent, aesthetically pleasing and uses high quality natural ingredients. Our thanks to The FSE Group for supporting our growth ambitions and guiding us through the funding process.”
David Booth, Investment Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, commented: “We were impressed by the drive and determination of Kuldeep who has already established a thriving brand in a high growth market segment. Champo is typical of the innovative high growth businesses we seek to support and we look forward to supporting Kuldeep through the next stage of business growth.”
Maggie Rodriguez-Piza, CEO at Funding London, added:“We are delighted to support Champo’s team expansion and their growth ambitions through GLIF. Kuldeep has built a successful ethical brand in less than three years which goes from strength to strength. We are excited to be part of their journey.”
GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.