Sep 12, 2019 Düsseldorf / Germany
Henkel invests in US cleaning products start-up Truman’s
Henkel is further expanding its expertise in innovative and sustainable household products while at the same time gaining insights in a promising direct-to-consumer business model: Henkel under the umbrella of Henkel Ventures is investing in the US cleaning products start-up Truman’s, based in Louisville, Kentucky, which offers cleaners that utilize refillable bottles and concentrate cartridges to reduce plastic.
With the minority investment in Truman’s, Henkel is taking over the role as lead investor in a seed round totalling 5 million US dollars. This marks another step in the company’s commitment to invest globally into start-ups to explore new business opportunities and support them to grow a successful business. Truman’s ships its products, a line-up of four simple hard surface spray cleaners, direct to its consumers. The start-up aims to reduce single-use plastic bottles and truck loads in the cleaning industry by shipping concentrate-filled cartridges that are mixed with water in reusable bottles at the point of use.
Direct-to-consumer platform enhancing convenience and sustainability
“Convenience and sustainability today are top-of-mind for an increasing number of today’s consumers and we continuously advance our portfolio while addressing these topics. Specifically, when it comes to packaging, Henkel pursues ambitious targets for sustainable packaging to promote a circular economy and reduce plastic waste,” said Robert Günther, Corporate Director Henkel Ventures. “We look forward to gaining insights from the Truman's team, as well as supporting them with our expertise and resources.”
“The partnership with Henkel validates that Truman’s is leading the effort to drive progress in the cleaning industry,” said Truman’s Co-Founder and CEO Jon Bostock. “Cleaning should be simple, convenient and environmentally friendly.”
Through the partnership, Truman’s gains access to Henkel’s expertise in strong brands and technologies, customer base and global footprint. “By combining the resources of Henkel with our team’s proven track record of reimagining traditional product categories, we’re positioning Truman’s for rapid growth long-term,” said Co-Founder and Chief Marketing Officer Alex Reed, noting Truman’s has been growing 30 percent monthly since its February launch.
Henkel’s corporate venture capital engagement
Henkel Ventures is Henkel's corporate venture capital engagement with a total volume of up to 150 million euros. The dedicated team actively evaluates and manages equity investments and joint development projects with start-up companies. Building on existing successful collaborations between Henkel’s three business units and start-ups, Henkel Ventures focuses on a variety of digital and technological search fields. The investment into Truman’s follows further direct and fund investments from Henkel. For more information please visit www.henkel-ventures.com.
More information on Henkel’s progress in sustainable packaging can be found at: www.henkel.com/plastic