London-based venture capital firm JamJar will make early-stage investments of $654,950 to $3.93 million to help European start-ups launch new consumer products
An investment firm run by the founders of Innocent smoothies has launched a £100 million ($130.99 million) fund to back new consumer brands.
London-based venture capital firm JamJar will make early-stage investments of £500,000 ($654,950) to £3 million ($3.93 million) to help European start-ups launch new consumer products.
We’ll do everything from fintech to dog food, said Richard Reed, JamJar partner and co-founder of Innocent Drinks.
It is the first institutionally-backed fund raised by JamJar. The British Business Bank, the UK government-run investment bank, is among the largest backers with a £48 million ($62.88 million) commitment.
It’s British tax payer money that’s going to be used to create a flourishing of start-ups and make money for the tax payer, Reed said. We’ve got to get this right because it’s taxpayers money.
Innocent co-founders Adam Balon, Jon Wright and Richard Reed launched their smoothie business from a market stall in 1999 before growing it into a global, multi-million pound brand.
The trio set up JamJar after selling a majority stake in Innocent to Coca Cola in 2013 for over £500 million ($654.95 million).
Since its launch, JamJar has been an early stage investor in several popular consumer brands including Deliveroo, Oatly and Tony’s Chocoloney.
Reed said: We’ve done more consumer brands start-ups than any fund in London.
When we’re sat in front of a founder they get to work with someone that’s been there and done it. We really get involved with how things taste and smell, he said.
He said: Some founders just want to have a call once a year. With others I have been in my wardrobe whispering over the phone at midnight on a Saturday to chat through an idea with them.