News
Chewing gum brand Milliways bags £3m in funding to scale business
Chewing gum manufacturer Milliways has secured £3m in funding as it seeks to expand operations and raise awareness for its plastic free, plant-based product.
This follows a further £1m investment the brand received in 2021 shortly after its foundation, which enabled the product’s initial rollout. According to Milliways, conventional chewing gum can contain up to one gram of plastic per piece.
The London-based business has enjoyed strong growth in the two years since its establishment, with its gum now stocked in around 6,000 retail stores around the UK such as Tesco, Sainsbury’s, Pret A Manger, Costa, WHSmith and Whole Foods.
Investors in Milliways include private equity firm KLT, former Intergum owner Leon Amram and Blandford Capital partner David Morris.
Milliways hopes to shake up the gum industry
Founder and chief executive Tom Raviv described the funding round as “a real opportunity to scale effectively” after establishing a presence in its first two years of operating.
“Securing this funding round with such a high calibre of investors is testament to the incredible opportunity that lies ahead as we aim to make Milliways a household name to everyone, everywhere, every day for all the right reasons.”
Milliways will use the money to invest in R&D, enter new markets and raise awareness of the brand’s focus on removing plastic from chewing gum.
“Our success to date has largely been driven by several key factors,” Raviv added.
“Firstly, by our ability to address growing consumer demands for healthier, more sustainable and innovative products – specifically with the increasing awareness that big brand gum is made from chewy plastic. Secondly, we’re incredibly fortunate to have such experienced and knowledgeable investors that continue to support us as we grow, and thirdly, a great team working hard behind the scenes to drive our brand forward.”
In other news, low calories alcoholic beverage manufacturer DrinkWell has landed £600k in investment to help fund new products launches.
