Sustainable bamboo hygiene brand The Cheeky Panda says it is on its way to becoming the first crowdfunded business to pursue an IPO on the London Stock Exchange (LSE), having laid out plans to float the business in the next 24 months.
In its latest crowdfund campaign on Seedrs, over 1,900 people invested more than £3.6 million in the certified B-Corp brand ahead of the upcoming IPO, achieving 181% of its £2 million target.
The brand says that since its inception in 2016 it has sold over 12 million products in over 25 markets across Europe, USA, China and the Middle East and sales have risen from £100k in 2017 to £5.7 million in 2020. In the 2020 Sunday Times Fast Track 100 The Cheeky Panda was ranked in the top 10 Ones to Watch.
The Cheeky Panda’s pre-raise valuation of £76.7 million ‘looks set to continue to skyrocket’, it says, adding that it expects to grow its revenue to over £50 million a year ahead of listing on the LSE in the Growth Category.
“We truly believe in the power of bamboo to help reduce CO2 emissions and slow down the climate crisis,” explains co-founder Chris Forbes (pictured with partner Julie Chen), The Cheeky Panda co-founder. “The switch to bamboo products is so simple, but collectively we can have a huge impact. Our phenomenal growth has demonstrated the consumer appetite to make more sustainable choices in their everyday life.”
The company has been carbon net zero since 2017 and B-Corp certified since 2019 and seeks to educate consumers about how bamboo can offer a more sustainable alternative to tree pulp products.