Entrepreneurial Spark enterprise receives £1.25 million investment


Entrepreneurial Spark enterprise receives £1.25 million investment

Friction Free Shaving, a business which is part of the Entrepreneurial Spark programme, has received a seven-figure venture capital investment to support its rapid development.

One of NatWest's Entrepreneurial Spark Hubs

Friction Free Shaving is the first razor and blades mail order service specifically catering for women. The enterprise joined Entrepreneurial Spark, Powered by NatWest, in 2015 to support its development. As the business developed they worked with Crowdfunding website Seedrs to raise their first £150k of investment to fund a customer acquisition.

Being part of the Entrepreneurial Spark programme gives Friction Free Shaving access to NatWest’s networks which was instrumental in its early-stage growth. With the support of NatWest Relationship Manager Vinny Bhogal, the business was introduced to an intermediary supplier which ensured the quality of the product that was imported from China. NatWest Relationship Manager Andy Barker connected the business to a large fulfilment centre, providing useful tips on best practice for the company’s own in-house packing and posting function. Finally, Friction Free Shaving bosses were put through their paces by Coutts CEO Peter Flavel as part of a ‘Piranha Pit’ session, where businesses involved in the Entrepreneurial Spark programme pitched before high-level investors.

Briar Keen, Co-Founder of Friction Free Shaving said: “Being a part of Entrepreneurial Spark has been a great way for us to develop the business. The mentoring through the enablement programme has been invaluable to us. The office is in a great location which has supported our ambition to be seen as a serious business. We have also been able to utilise NatWest’s network of contacts which has also been an asset and we are very appreciative of the support provided by all partners.”

Lee Currier, Entrepreneur Development Manager at NatWest, said: “Friction Free Shaving has developed from a great idea into a fantastic business with a steady, sustainable growth plan. The team has embraced the entrepreneurial spirit and this has helped and will help the business to reach its full potential.”

More than 8,000 people have subscribed Friction Free Shaving’s service since its inception in 2015. The latest £1.25 million investment was advised by Athene Capital, and will be used to support the company’s long-term growth strategy. The business is also embarking on a media partnership with Northern & Shell to support a wider cross-channel media campaign to attract more subscribers.

Entrepreneurial Spark, powered by NatWest, is the world’s largest free business accelerator for start-up, early stage and growing businesses from all sectors. NatWest provides entrepreneurs who are selected as part of the Entrepreneurial Spark programme with free facilities and Wi-Fi, access to the bank's networks and suppliers, and free business advice. Find out more at the Entrepreneurial Spark website.

Related articles

Guest blog: Entrepreneurial dreams become a reality

At 13-years-old, Henry Patterson is one of the UK’s youngest entrepreneurs. He has already published a children’s book and co-founded a business, and will soon see his characters come to life in animation. Hear from Henry about how it all began and how Entrepreneurial Spark, powered by NatWest, helped him.

Great British Entrepreneur Awards announce three-year partnership with NatWest

Now in its fifth year, the Great British Entrepreneur Awards have celebrated some outstanding entrepreneurs who have gone on to become household names.

Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox