DTC’s Daily Digest brings you the latest news on the world’s fastest growing direct-to-consumer and challenger brands. In today’s edition: Trussle raises £7.5m funding; Little Earth Baby overfunding on CrowdCube; and Le Creuset to build DTC platform.
Trussle raises £7.5m funding
Online mortgage broker Trussle has raised £7.5m investment in its latest funding round, led by Rabobank’s investment arm, Rabo Frontier Ventures. This latest round brings Trussle‘s total funding to £26.7m after the fintech company raised £13.6m in a series B in May 2018. This latest funding round follows an executive change at Trussle, with the appointment of chairman Simon Williams, and chief technology officer Todd Zino. Trussle’s co-founder and CEO, Ishaan Malhi abruptly stood down from his role and his seat on the board on 3 January, 2020. No further information has been provided as to the reason for Malhi’s departure, and they are still looking to replace him. However the loss of the company’s co-founder and CEO does not seem to have reduced the company’s ability to secure investment.
Little Earth Baby overfunding on CrowdCube
Eco brand Little Earth Baby is currently raising funding on crowdfunding platform CrowdCube. Offering 10.36% equity with a pre-money valuation of £1.23m, the startup as raised £141,100 from 185 investors – 121% of its £110,000 target, with 2 days remaining on the listing. Promoting sustainability, Little Earth Baby redesigns synthetic products to create alternatives made from plants not plastic. With the UK baby market valued at an estimated £10bn, the company has developed a range of natural, synthetic-free products, with the aim to become the market leader in the eco baby space in the UK and globally. Founded by Emma Bianco in 2018, Little Earth Baby, which has been featured in Baby Magazine and The Telegraph, aims to educate and create awareness around the environmental and health impacts associated with synthetic baby clothing.
Le Creuset appoints R/GA to build DTC platform
French cookware manufacture Le Creuset is looking at digital transformation and aims to build a direct-to-consumer offering. It has appointed creative innovation agency, R/GA (part of IPG) in EMEA to shape its ecommerce strategy and customer experience. The manufacturer plans to create a new digital platform, allowing it to sell cookware direct to consumers, as well as through existing wholesale channels. While the cookware market has seen limited disruption to date versus some industries, manufacturers like Le Creuset are facing increasing competition from challenger start ups, such as Great Jones and milo. With the cookware market valued at USD$2.1bn (£1.6bn) globally, with that expected to more than double by 2024, the time seems right for Le Creuset to be exploring new ecommerce opportunities.