A Scottish baby products firm has raised more than £470,000 in an oversubscribed crowdfunding round which valued the company at more than £3 million.
News of the financing success for Edinburgh-based Cheeky Chompers comes hot on the heels of a deal with retailer Mamas & Papas which will see its products available across its UK stores and website.
Cheeky Chompers, founded by Julie Wilson and Amy Livingstone who met when they were both on maternity leave with their first children, had aimed to raise £400,000 on equity investment platform Crowdcube but saw the final figure come in at £472,000. The money will be used to further scale the business through product development, direct sales growth and increased brand awareness in key markets.
Cheeky Chompers has sold over 1.5 million products to date across the UK, China and the US.
Wilson said: “It has been an amazing journey over the past six years and the team has worked really hard to take an idea and turn it into a global brand.
“The aim now is to capitalise on the multi-billion global market for baby soothers and teethers by scaling the business to the next level. We’re excited to be teaming up with Mamas & Papas, a brand we’ve admired greatly for some time.”
Cheeky Chompers products are now sold by over 1,500 retailers in 49 countries.
The overall global market for baby soothers and teethers forecast to reach nearly $8 billion by 2020. With over 31 distributors globally, exports by Cheeky Chompers account for approximately 65% of total sales.
Corporate finance boutique Quest Corporate and corporate advisory firm Full Circle Partners supported Cheeky Chompers on the crowdfunding campaign.
