Ethical app raises $2m for UK launch
A company that links consumers with sustainable businesses through an app has raised $2 million for its upcoming launch into the United Kingdom.
The funding round by Conscious Consumers is believed to be one of the biggest capital raises for a social enterprise in New Zealand, according to A¯ kina Foundation, which helps grow social enterprise across New Zealand.
The lead investor was investment specialist organisation Soul Capital, and was supported by K1W1, an investment firm owned by The Warehouse Group founder Sir Stephen Tindall.
Former PWC UK managing partner Richard Collier-keywood has also invested, and is now a director.
Conscious Consumers co-founder and chief executive Ben Gleisner said the funding would go towards setting up in the UK, including employing staff, as well as doubling staff numbers in New Zealand.
Gleisner was pleased with the amount they had raised so far, he said.
‘‘For the vast majority of people, it’s their first social enterprise investment so that’s so nice to be a front runner in the movement of investing with purpose.’’
The company is seeking to raise another $1m, which Gleisner hoped would come from Uk-based investors over the next few months, he said.
Jamie Newth, of Soul Capital, said there had been a ‘‘huge amount’’ of interest from UK investors.
‘‘Internationally, ethical spending is on the rise, and home-grown companies like Conscious Consumers are wellplaced to promote their product to a global audience.’’
From small beginnings with its first customer, Wellington’s Fidel’s Cafe, the programme now lists organisations such as Meridian Energy, Icebreaker and Kathmandu as clients.
Five hundred retailers have signed up to the app, and more than 20,000 customers use it on a regular basis.
Gleisner would be moving to the UK next year, family in tow, to help set up the new branch, he said.
Conscious Consumers would employ about 10 staff in the UK, and would more than double its workforce in New Zealand to 30.