We Are Paradoxx, a Belfast-based sustainable, plastic-free hair and body care brand, has secured new funding to expand its export capability into new markets in the US, Canada, Russia, Australia and the Middle East.
The Northern Irish start-up, founded in 2018 by Yolanda Cooper, has developed a hair and bodycare range which is plastic-free, uses natural and organic vegan ingredients and is cruelty-free. The company has also developed the patent pending Supernova, the world’s first 3-in-1 straightener, wand and tong.
Described by leading media as a ‘brand you can’t live without’, this summer CEO Cooper joined the ranks of the industry heavy hitters, listed in fashion and beauty bible Glamour Magazine’s Beauty Power List 2021, for her leadership in sustainable beauty.
We Are Paradoxx has been successful in raising investment up to this point, hitting £3m earlier this year through various funding rounds. This latest funding, provided by local financiers and Northern Ireland’s largest independent provider of working capital, Upstream Working Capital, will enable the beauty company to expand into new markets and further its growth internationally.
The finance has been underpinned by credit insurance arranged through the new trade credit insurance team at Lockton, the world’s largest privately owned insurance broker and Northern Ireland’s leading business and commercial insurance broker, which partnered with insurer Atradius.
Yolanda Cooper, Founder and Chief Executive, We Are Paradoxx, said:
“This latest funding is a significant step for We Are Paradoxx and will help us gain a foothold in large international markets. As a company, we are dedicated to innovation and sustainability.”
“Access to working capital like this is vital as we seek to innovate, develop, and enhance our product lines. We have a clear vision for the company and how we aim to go from the start-up phase to the scale-up phase and access to capital is absolutely crucial in this vision.”
“Having a trade credit insurance policy in place also gives us greater confidence as we enter new foreign markets and expand our international trading. We are excited for the future and working with Upstream and Lockton gives us a real boost as we keep expanding and innovating.”
Judith Totten, Managing Director, Upstream Working Capital, added:
“Upstream Working Capital is proud to be working with We Are Paradoxx, a locally-based start-up which is truly innovating and doing things differently in its field. Coming out of the pandemic, it is the companies and entrepreneurs taking these leaps of faith, and those who seek new markets and customers, that will spearhead our economic rebuild. Companies like We Are Paradoxx need access to working capital to break into new markets and find new customers beyond our own shores. We are pleased to provide both supply chain funding and Invoice Finance to support the working capital needs of We are Paradoxx. It is both a pleasure and a privilege to work closely with Yolanda and her team as they embark on this important journey.”
Nigel Birney, Head of Trade Credit, Lockton, said:
“It’s excellent to see Northern Irish companies and start-ups like We Are Paradoxx, who we are thrilled to partner with, expanding into new export markets. The pandemic has been extremely tough for entrepreneurs and young companies so it is positive to see businesses have the courage to look towards new markets. As well as providing access to working capital, having credit insurance in place will enable We Are Paradoxx to access critical market intelligence through their policy provider Atradius, which will enable them to trade with confidence in new export markets around the world and grow sales safely knowing that should one of their customers default in payment their financial loss will be almost nullified.
Andrew McBurney, Commercial Manager, Atradius, added:
“Through our partners Lockton, we are pleased to be working closely with We Are Paradoxx as the company expands into new markets and trades with new customers. We are confident that our trade credit insurance will significantly bolster We Are Paradoxx’s trading capacity and resources and protect the company as they step into new markets both by paying out claims in the event of non-payment but also by providing access to real-time intelligence on new markets and individual buyers, creating opportunities for growth.”
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