Founder: Chris Grunwell
Company: Itsy (formerly Nuripod)
Description: An innovative portable food processor for baby food.
Itsy, the start-up behind a new, innovative portable food processor, has been unveiled as the winner of December’s Start-Up Series competition securing £150,000 in equity seed funding and a wealth of ongoing business support from established investor Worth Capital.
Founded by Chris Grunwell in 2015, Manchester-based Itsy has developed a battery powered, portable food processor for the baby food market which enables parents to blitz up meals for their babies wherever and whenever. It features an integrated bowl and spoon and will retail at £39.99.
The company says it is targeting the parents of the estimated 700,000 babies that are born in the UK every year, offering them a convenient and affordable solution to create meals that they know the true contents of.
Set to go on sale in September this year, Itsy will use the funding to support its launch and its development pipeline of other baby electrical products in progress, all aimed at helping parents with weaning children.
Itsy faced off stiff competition from 80 other entrants to take home the £150,000 Seed Enterprise Investment Scheme (SEIS) funding at a pre-money valuation of £325,000. Worth Capital has taken a 31.6% stake in the business.
Ran by Startups.co.uk and Worth Capital, the Start-Up Series is the UK’s largest seed funding competition of its kind; giving early-stage B2C start-ups the chance to win £150,000 in equity investment every month from a dedicated £1.8m SEIS fund.