Re:Nourish has secured £250k in growth capital to support ongoing rapid expansion at the grab-and-go soup business.
The challenger brand will use the expansion loan from the Enterprise M3 local enterprise partnership (LEP) to increase its manufacturing capability and back sales and marketing initiatives.
Re:Nourish has become one of the fastest-growing brands in the fresh soup category since founder Nicci Clark launched the brand in 2019.
Its patented microwaveable bottled soups have won nationwide listings with Sainsbury’s, Waitrose, Co-op, Ocado and Amazon.
The pandemic helped supercharge the company as consumers turned to healthier immunity-boosting options, with demand for chilled soup continuing to grow in 2023. Re:Nourish volumes soared by 50% last year, according to The Grocer’s annual Top Products Survey.
The Guildford-based business agreed the loan from Enterprise M3’s Funding Escalator, which is managed by VC firm The FSE Group.
The £10m initiative provides eligible companies with loans and equity funding between £50k and £500k to support high growth and employment opportunities across the Hampshire and Surrey areas.
“The team at FSE have been incredibly supportive and have made this very straightforward to enable the further growth of Re:Nourish to continue at pace,” Clark said.
“As a female founder I have struggled to get the same support from our bank despite a robust and flourishing business that is making a change to the nation’s health.”
Cheryl Weeks, head of funds for the east and south east at FSE, added: “We are delighted to have supported a business with such a holistic focus. The food sector has for some time been geared towards convenience, and Re:Nourish have taken this and added health, good taste and affordability into their products.
“It will be exciting to watch Nicci and the team take the company from strength to strength as they take up even more space in the sector, leading the way in forward-thinking consumer-led products.”
Re:Nourish is relaunching its seasonal gazpacho SKU into Sainsbury’s this week, followed by Waitrose later this month and Ocado in May. Available for just six months each year, +Refresh is made using only fresh ingredients, and the business claims it is “the most authentic gazpacho on the market”.
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