Published on February 23rd, 2021 | by The GC Team0
Funky Appliance Company receives venture capital funding
The Funky Appliance Company has partnered with London-based Forster Chase Ventures for a Series A funding campaign to help it strengthen the brand in the domestic market and prepare for international growth.
The West Sussex-based company, founded by husband and wife team Joe and Sadie Sillett in June 2016, has to date raised its capital on Europe’s leading equity crowdfunding platform Seedrs and has 360 investors in over 25 countries.
In November this year the business announced a “significant” funding package delivered by Bibby Financial Services including Trade Finance, Invoice Finance and Foreign Exchange services to unlock the working capital required to deliver on its growing order book and boost cashflow.
The company, which produces small appliances with a retro twist, said it has distributor interest arriving from all parts of the world and many leading retailers in the UK & Ireland, where products are distributed by SDA and Housewares distributor RKW Limited, will be ranging its products no later than Q2 2021.
As part of the new partnership, a Forster Chase Ventures representative will join the Funky Management Team with immediate effect.
“We are ready to take the business onto the next level now and can see from all of the interest we are receiving from around the world that people recognise that we are adding something fresh and new to the appliance category,” said the appliance company’s Joe Sillett.
“We are delighted that Forster Chase Ventures share this vision and are looking forward to working with them.”
Chris Grove, Senior Partner at Forster Chase, said the appliance company has an “outstanding opportunity” to establish a global brand.
He added: “It was clear from our discussions with Joe that there is real excitement amongst the Funky Team and our role also gives Joe, Sadie and the team a high degree of comfort that their interests will be protected on their journey through to a very successful exit, something we strongly believe will be the case with Funky in the future.”