Hemp-based skincare company Hey Bud has raised A$2 million to fund the next phase of its growth, including international expansion.
Co-founder Alex Roslaniec told Smart Company the cash injection – from an unnamed private investor in the skincare space – will be used to fund plans to sell through high-street retailers in Australia and overseas and launch new products.
It has already helped fuel a partnership with sales activation agency Rocket.
Founded in 2018 by Roslaniec, Fedele D’Amico and Ollie Watts, the trio came up with the idea of selling a cannabis skincare range after D’Amico’s mother, a beauty therapist, ordered hemp seed oil products from the US .
The business has seen 21% month-on-month sales growth over the last year, with sales expected to hit $4 million over the next 12 months.