London-based Redrice has received up to £45 million from the British Business Bank towards its £75 million fund II to support early-stage consumer brand startups.
- Launched in 2018, London-based Redrice Ventures is a venture capital firm that invests in early-stage consumer brands and supports B2B technology. The firm primarily focuses on seed-stage rounds in sectors including media, sport, and health and wellness, with typical annual deployment of up to £10 million.
- Redrice provides funding alongside guidance and access to networks, aiming to support startups as they grow. Its portfolio includes companies such as Caroline Hirons’ Skin Rocks, Puresport, Untamed, Lovetovisit, and GoJoe.
- The funding from the British Business Bank acts as a cornerstone commitment, building on a £36 million investment in Redrice’s first fund in 2021, and aims to help the fund reach its target while attracting additional investors.
- The contribution is part of the BBB’s Enterprise Capital Funds programme, which has supported 51 funds totaling over £3 billion to back early-stage UK companies.
“The creative industries are central to the UK’s growth mission, employing 2.4 million people and contributing £124bn of Gross Value Added to the economy. As a cornerstone investor we hope to crowd in capital to provide additional finance options for companies looking to scale. This will ultimately create more jobs in an already-thriving sector and support the UK to reach its full commercial potential," claims Christine Hockley, Managing Director and co-head of funds at the British Business Bank.
