Pip Murray, founder and CEO

Natural nut butter brand Pip & Nut has received a £1m funding boost from the Greater London Investment Fund to underpin NPD and further growth.

GLIF has invested in the health-focused brand via appointed fund manager The FSE Group.

Having funded prior growth activity through VC and angel investment, Pip & Nut has sought a debt finance solution to expand its team and enable further product development.

“A balance sheet showing heavy reinvestment of profits often leaves traditional bank funding inaccessible to growing businesses.” said David Booth, Pip & Nut’s investment manager at FSE.

“But with an increasing product range and 2022 gross revenues at £11m-plus from a zero starting point just eight years ago, Pip & Nut’s journey towards profitability is clear. This diverse team, with its B Corp status and ESG focus, is a great fit for FSE and GLIF and we are delighted to be supporting them as they continue to grow.”

As a Community Interest Company, The FSE Group looks for strong ESG – environmental, social & governance – credentials in the businesses with which it works.

Pip & Nut became a certified B Corp in 2019, meaning it has to demonstrate in real terms how it is using business as a force for good, providing a measure of its impact on people and the planet.

Pip & Nut started life in 2013 as a DIY post-race refuel snack by keen marathon runner and company founder Pip Murray.

Following a 2014 crowdfunding campaign and sourcing production partners and developing the brand, the first Pip & Nut products launched in Selfridges in 2015, swiftly followed by a nationwide Sainsbury’s presence that same year.

Murray said: “When I started making my own nut butters it was because I was looking for something that contained natural and sustainable ingredients and this was a key driver in how I wanted to shape the business.

“Engaging a funding partner who is prepared to look beyond the figures to understand where you are in your growth cycle as a business and support you to reach your potential can be challenging but in FSE and GLIF we have found that. We are delighted to have secured this funding and look forward to working with David as we implement our growth strategy.”