Launched through digital crowdfunding platform Seedrs, the campaign seeks funds to help the support its launch with large retailers while highlighting the global issue of food sustainability.
Chief executive Nick Turner said: “Raising £500k at a £6m pre-money valuation ahead of a larger institutional raise in 2024 will enable us to accelerate our strategy focused on increasing our share in the £430m UK ketchup market to circa 3% over a three-year period and building out new, exciting products that uphold our strict sustainability values.
Welcoming new investors
“Furthermore, we also have plans to expand internationally, which we see as a huge opportunity. This is an exciting period for Rubies and we look forward to welcoming new investors on our journey.”
Rubies’ uses ‘wonky’ fruits and vegetables – produce that may not fit in regular supermarket packaging and may get rejected before leaving the farm – in all of its products. The company uses 100% recycled and recyclable packaging for its ketchup and mayonnaise products.
As of reporting, Rubies has raised £426,289 towards its £500,000 target with 23 days left in the campaign. The manufacturer is offering 7.72% equity with shares valued at £2.28.
Tackling food waste
Rubies founder Jenny Costa said: “I started Rubies in the Rubble in 2012 using surplus from Borough Market after realising that a third of all food produce is wasted, contributing to 8% of our greenhouse gases. Ten years and 730 tonnes of fruit and veg later, we are proud of the impact our products have made in tackling the UK’s food waste problem.
“With this background and having proven that a business can be both sustainable and successful, we are inviting investors to join our thriving, sustainable food brand as we look to take Rubies to the next level and become part of the change we all want to see in the world.”
Meanwhile, Bethan Grylls interviewed The Felix Project and FareShare to find out more about how they redistribute food, the food safety measures in place, and why they’re in dire need of help from manufacturers.