Dr Will’s has attracted investment from former Love Island celebrity Kem Cetinay as part of a recent capital raise by the UK-based condiments business.
The company has just pocketed £500,000 ($672,830) from investors, including from Cetinay’s investment vehicle ATG Ventures and previous backer Kliro Capital Partners.
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Liam White, who co-founded Dr Will’s in 2017 with two colleagues, told Just Food today (25 July) that the business has now raised around £3m to date across a number of investment rounds.
Speaking to this publication in February, White said Dr Will’s would be on the “edge of profitability” by the end of the year, with an aim to be fully profitable over a 12-month horizon.
Now the company has also secured a new listing with another of the major UK supermarkets, Sainsbury’s.
Dr Will’s is due to introduce its newly launched Olive Oil Mayo in 130 Sainsbury’s stores this weekend, joined by its existing Avocado Oil Mayo.
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By GlobalDataWhile the company already had listings with Tesco, it is also now rolling out a further two products, taking its SKU count with the retailer to six.
Dr Will’s is seeking to attract the more health-conscious consumer with a more premium positioning in better-for-you condiments and amid a greater awareness around ultra-processed foods.
White told Just Food in February that he believes consumers are willing to spend a little more as health considerations become an important part of their purchasing decisions.
Commenting in a statement on Cetinay coming on board as an investor, White said: “Kem brings the perfect mix of cultural relevance and business acumen.
“He’s smart, health-focused and gets what consumers are looking for. Having him on board – not just as a fan but now as an investor – is a real milestone for us.”
The Olive Oil Mayo rolling out in Sainsbury’s is based on 100% olive oil and is free from sugar, artificial preservatives, gums and additives.
Two new dressings have also just been launched in Tesco – Green Goddess and Chipotle Ranch – which will complement existing listings with Waitrose, Ocado and The Co-op.
Cetinay added: “I’ve been a fan of Dr Will’s for a while. I love the bold flavours, the clean ingredients, and more than anything, the mission. As someone passionate about health, food, and backing great ideas, this just made total sense.”
