A Falkirk e-commerce business has secured £4.4m funding from Maven Capital to pursue European expansion plans.
Candle Shack supplies candle-making components and contracts with candle manufacturers for luxury brands.
Maven’s investment includes £3m of capital and a £1.4m debt facility to help Candle Shack develop its sales and marketing function as it expands its operations with a new base in the Netherlands.
The money will also fund new product development and improve operational efficiency. It is planning to create 50 jobs in the Falkirk area.
The company is also developing sustainable candle components, which includes its own-brand wax blend, EcoSystem RCX.
The family-run business employs more than 100 people and is operating from a 100,000 sq ft facility in West Carron, which includes a fulfilment centre, development lab and manufacturing site.
Candle Shack has recorded a five-fold increase in turnover over the past three years.
Chief executive Duncan MacLean, who set up the business with his wife Cheryl in 2010, said: “Maven’s investment in Candle Shack will fuel our next phase of growth, enabling us to better support thousands of niche home fragrance brands across Europe.
“This demand is being met by creative artisans, many of whom are Candle Shack customers - our partnership with Maven will allow us to invest in the stock, technology and expertise that will cement our reputation as Europe’s leading candle supplies business.”
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