PROPERCORN bags £7m investment from Piper and Innocent Drinks founders
The Startups Awards-winning healthy popcorn business is now set to expand its global presence, having already grown to 10 overseas markets
PROPERCORN, the popcorn business founded by Growing Business Young Guns Cass Stavrou and Ryan Kohn, has bagged £7m in a deal led by Piper Private Equity with involvement from Innocent Drinks founders Richard Reed, Adam Balon and Startups Awards judge Jon Wright via their fund JamJar Investments.
Founded in October 2011, PROPERCORN's healthy, gluten-free popcorn offering has seen it become “one of the fastest growing” snack brands in the UK with three million bags of popcorn sold each month across 10 countries including the UK, Germany and the Netherlands.
With 40 staff and turnover forecast to rise from £10m in 2015 to £15m this year, it's no suprise that PROPERCORN's Stavrou and Kohn were jointly awarded the accolade of Young Entrepreneur of the Year at the 2015 Startups Awards. Stavrou will now be sitting on the judging panel of the 2016 Startups Awards; alongside Jon Wright.
The investment round will be used to grow the brand's international reach.
On the investment round – PROPERCORN's first major cash injection to date – Stavrou commented:
“I was very fortunate in getting some incredibly useful advice from Richard Reed […] in the very early days of PROPERCORN, and we’ve stayed in touch with the JamJar team ever since. They and Piper have consistently demonstrated they have the same passion and enthusiasm for PROPERCORN as we do, and are equally focused on making it the number one global snack brand.
“With their combined knowledge, expertise and network, [we] are confident we have the best investors to help us realise our ambitions.”
Adam Balon of JamJar continued: “In only a few short years, Stavrou and Kohn have crafted PROPERCORN into a wonderful business with a talented team, cohesive culture and a standout brand. With this superb foundation they have created, PROPERCORN has so many opportunities for growth and I'm hugely excited to be a part of this next chapter.”