Verdane backs The Humble Co. to reduce plastic waste from consumables
Stockholm — Noel Abdayem, a dentist turned entrepreneur, started The Humble Co. after experiencing the negative environmental impact of plastic waste whilst performing voluntary work in Jamaica. The idea to sell eco-friendly toothbrushes proved to be a great success and more than 6.5 million Humble Brushes have been sold to date. Noel now brings onboard a new investor in Verdane to accelerate The Humble Co.’s expansion in the global market.
“I was not aware of the extent of plastic pollution in world oceans until I saw beaches littered with plastic waste in Jamaica”, says Noel. “Although I was studying dentistry at the time, I realized I did not know of any oral care products in materials other than plastic. I figured I could not be the only one wanting to reduce plastic waste and the market potential for eco-friendly toothbrushes had to be huge.”
The Humble Co. has grown organically since inception in 2014, reached a turnover of 2.2 million Euros in 2017 and is expected to reach over 6 million Euros in turnover in 2018. The company’s products are sold in more than 20 countries with the largest markets being Germany, Sweden and Norway. In addition to the Humble Brush, a toothbrush made from bamboo, The Humble Co. has developed natural toothpaste and natural chewing gum, and is looking to further broaden its product portfolio of eco-friendly personal hygiene products.
The Humble Co. celebrates its fifth anniversary this year and Noel now wants to increase the pace of expansion, which is why he is bringing in an external investor.
“We see growth opportunities in Europe and North America, as well as in Asian and South American markets where interest for eco-friendly products is great. We are happy to partner with Verdane. In addition to capital, they bring valuable experience from investments in more than 30 consumer companies”, he says.
The Humble Co.’s environmental and social commitment runs deep, as a share of revenues is pledged to the non-profit organization Humble Smile Foundation. The Humble Smile Foundation seeks to increase awareness of and help prevent suffering caused by oral disease. The foundation does this by managing oral health outreach projects for people that are disadvantaged by economic or geopolitical disparity.
“We find The Humble Co. to be a very exciting company with its eco-friendly business angle and global mindset. The company offers well-designed products that allow consumers to lower their environmental footprint, something a growing number of people care deeply about”, says Björn Beckman, Verdane Advisors.
We see growth opportunities in Europe and North America, as well as in Asian and South American markets where interest for eco-friendly products is great. We are happy to partner with Verdane. In addition to capital, they bring valuable experience from investments in more than 30 consumer companies.
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s unrivalled technology capabilities and proven track record in driving business value. Verdane funds’ and SPVs’ current portfolio of 42 core companies includes Boozt, EasyPark, Desenio, inRiver and Polytech. Verdane funds have attracted SEK 12 billion in total commitments from investors. Verdane Advisory Group has 30 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com.
About The Humble Co.
Founded in 2014 by Noel Abdayem, The Humble Co. is a Swedish company that designs and markets eco-friendly personal hygiene products. The Humble Co.’s profile is deeply rooted in social and environmental responsibility, with its products having a significantly lower environmental footprint than traditional alternatives in global markets. The company also donates a share of revenues to the non-profit organization Humble Smile Foundation which seeks to increase awareness of and help prevent suffering caused by oral disease. For more information, please visit www.thehumble.co.