Belfast-based plastic-free beauty brand secures £ 250,000 in funding

Belfast-Based Plastic-Free Beauty Brand “We Are Paradoxx” Aims For Further International Growth and Expansion

We Are Paradoxx, a sustainable, plastic-free hair and body care brand based in Belfast, has secured new financing to expand its export capacity to new markets in the United States, Canada, Russia, Australia and the United States. Middle East.

Belfast City Center start-up, founded in 2018 by Yolanda Cooper, has developed a range of plastic-free hair and body care products, using natural and organic vegan ingredients and cruelty-free. The company also developed the patent-pending Supernova, the world’s first 3-in-1 straightener, wand and clamp.

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Nigel Birney, Head of Commercial Credit, Lockton, with Yolanda Cooper, Founder and CE, We Are Paradoxx and Judith Totten, Managing Director, Upstream Working Capital

We Are Paradoxx has been successful in raising investment so far, reaching £ 3million earlier this year through various rounds of funding. However, this latest funding, provided by local financiers, Upstream Working Capital, will allow the beauty company to expand into new markets and continue to grow internationally.

Funding was supported by credit insurance put in place by Lockton’s new trade credit insurance team, which partnered with insurer Atradius.

Yolanda Cooper, Founder and CEO of We Are Paradoxx, said, “This latest funding is a significant milestone for We Are Paradoxx and will help us gain a foothold in major international markets. As a company, we are dedicated to innovation and sustainability. Access to working capital like this is vital as we seek to innovate, develop and improve our product lines. We have a clear vision for the business and how we aim to move from the start-up phase to the scale-up phase and access to capital is absolutely crucial in that vision.

“Having a credit insurance policy also gives us greater confidence as we enter new foreign markets and expand our international trade. We are excited for the future and working with Upstream and Lockton gives us a real boost as we continue to grow and innovate.

Judith Totten, Managing Director, Upstream Working Capital, continued: “Upstream Working Capital is proud to work with We Are Paradoxx, a local start-up that truly innovates and does things differently in its field. Coming out of the pandemic, it is companies and entrepreneurs who make these acts of faith, and those who seek new markets and customers, who will be the spearhead of our economic reconstruction. Companies like We Are Paradoxx need access to working capital to enter new markets and find new customers beyond our own shores. We are happy to provide both supply chain financing and invoice financing to meet the working capital needs of We are Paradoxx. It is both a pleasure and a privilege to work closely with Yolanda and her team as they embark on this important journey.

Nigel Birney, Head of Trade Credit, Lockton, explained: “It’s great to see North Irish companies and start-ups like We Are Paradoxx, which we are delighted to partner with, expand into new markets. export. The pandemic has been extremely hard on entrepreneurs and start-ups, so it is positive to see companies having the courage to look to new markets. In addition to providing access to working capital, the establishment of credit insurance will allow We Are Paradoxx to access essential market information through its policy provider Atradius, which will allow it to negotiate with confidence. confidence in new export markets around the world and increase sales safely knowing that in the event of default by one of their customers, their financial loss will be almost wiped out.

Andrew McBurney, Commercial Director of Atradius, added: “Through our partners Lockton, we are delighted to work closely with We Are Paradoxx as the company expands into new markets and trades with new customers. We are confident that our trade credit insurance will significantly strengthen We Are Paradoxx’s business capacity and resources and protect the business as it enters new markets, both by settling claims for non-payment, but also by providing access to information in real time. into new markets and individual buyers, creating opportunities for growth.

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