Bamboo tissue maker Cloversoft raises seed funding from Super Group family office
July 18, 2022
CLOVERSOFT, a homegrown manufacturer of bamboo tissue, has raised a seven-figure sum in seed funding from Apricot Capital, the investment vehicle of the Teo family behind instant coffee maker Super Group.
The funds will help Cloversoft expand to international markets and conduct research and development into more eco-friendly household products, the company said in a Monday (Jul 18) press release. It is looking to expand to Indonesia, Vietnam and the US by the end of 2023.
Founded in 2014, Cloversoft has thus far been self-funded by its founders, former HSBC investment bankers Angela Sim and Lynn Yeo. The company said that it has seen a three-fold growth year-on-year in sales on average and has a growing customer base in Asia-Pacific markets including Cambodia, Myanmar and Taiwan.
As The Business Times previously reported, Cloversoft is one of several bamboo tissue makers riding the growth in demand for eco-friendly alternatives to traditional wood pulp tissue.
“Our goal is to grow and establish Cloversoft as a multi-regional eco-friendly consumer goods brand in both Asia-Pacific and the West. Climate change is a growing concern for consumers and there has been a shift in consumer values, with more looking to incorporate sustainability into their everyday lives,” said Yeo.
Darren Teo, managing partner at Apricot Capital, said that sustainable and conscious consumption is a key focus of his firm. “Cloversoft is a planet loving and sustainable consumer packaged goods company that creates eco-friendly solutions that serve as an alternative to conventional mainstream products currently sold,” he said.