LONDON, United Kingdom — Healthy peanut butter brand Pip & Nut has raised more than £1m to expand its product range and boost exports.
The challenger brand, which launched in 2015 generated sales of more than £9m last year, with the company predicting sales of £25m by 2020.
Born out of Founder Pip Murray’s love for peanut butter, Pip & Nut was created after she noticed that most supermarket brands were laden with either palm oil or sugar.
The brand originally launched in Selfridges, following the completion of a successful crowdfunding campaign, which saw the startup reach its target in just nine days – overfunded by £20,000.
Three years later Pip & Nut has become one of the leading nut butter brands in the UK, and can be found in over 5,500 stores across the UK and Europe, including Sainsbury’s, Tesco and Ocado.
Speaking about the latest round of investment, Murray suggested that it would not only accelerate the brand’s ascent in the nut butter category but take it closer to its goal of becoming one of the nation’s favourite healthy food brands.
“We’ve had a phenomenal start to the year and are thrilled that key retail partners are continuing to recognise both our performance and potential, significantly increasing our fixture space, along with launching new lines,” she added.
The brand, which currently offers a range of eight nut butters and almond milk drinks is set to significantly increase its distribution throughout Sainsburys and Tesco in the UK, over the coming months.
With sales of nut butter set to surpass the £100 million mark in the UK in 2018, high-end brands such as Pip & Nut continue to disrupt the once stale category with flavour and packaging innovations. Driven by health-conscious consumers and athletes, the market’s boom is predicted to continue, with sales of peanut butter expected to overtake those of preserves such as jam and marmalade by next year.
As the fastest-selling nut butter brand in the UK, Pip & Nut is in a strong position to expand the brand overseas and in doing so, reach its goal of becoming a landmark food and drink brand on a global scale.