Luxury bed linen company Linenbundle has secured a £1m funding boost from the Growth Finance Fund.
The funding will be used to support further job creation and the increased inventory requirement following 170% growth over the past year.
Finance for the £30m Growth Finance Fund has been provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Linenbundle sells luxury bed linen through an ecommerce platform. The bed linen is made with 100% long-staple cotton spun from a single-ply which gives the sheets a luxurious feel. Based in Lisburn, the company currently ships to the UK and Europe.
The brand has recently expanded its offering to include duvets, pillows, throws and cushions, and has already grown its workforce to 13 employees. These roles have been created with support from Invest NI towards nine new jobs, five of which are in place.
Thomas Glackin, CEO & Co-Founder at Linenbundle, said: “My Co-Founder, Paul and I have been in luxury bed linen for over 10 years. When we started Linenbundle our goal was to bring quality luxury bed linen direct to a wider consumer audience, at an affordable price. Thankfully we’ve been able to achieve that in a relatively short space of time. This funding gives us the opportunity to expand our inventory and team in order to meet the ever-growing demand for our products across the UK & Europe.”
Jenna Mairs, Senior Investment Manager at Whiterock Finance said: “This year, due to the Covid-19 pandemic, the ecommerce market has seen accelerated growth with the online shopping trend becoming the preferred method of shopping for consumers. Linen Bundle’s unique offering and high growth potential makes them an ideal candidate for the Growth Finance Fund.
“Following the £400,000 investment from the Growth Loan Fund II last year, the company has continued to show promising growth and has seen increased demand in the European market. We hope to see this funding continue Linenbundle’s success in the future.”
Along with supporting Linenbundle through the Growth Finance Fund, part of its Access to Finance portfolio, Invest NI has offered it £93,375 of support towards marketing development activities and the creation of nine new jobs.
William McCulla, Director of Corporate Finance at Invest NI, commented: “Linenbundle is a fast-growing SME and we are pleased to have supported it through our suite of Access to Finance funds. We’ve supported it since its inception in 2018 to increase its marketing activity, and now again to expand its team with nine new jobs. Along with the financial funding, this will help the company to grow its reach across European markets and beyond.”
The Growth Finance Fund provides loans from £500,000 up to £2million to established high growth potential SMEs in Northern Ireland. Companies seeking funding must be based in Northern Ireland and demonstrate existing growth.
Growth Loan Fund II provides loans to SMEs across Northern Ireland in the range of £100,000 to £1.5million. It is part funded by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.