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LOUISVILLE, KENTUCKY – SEPTEMBER 12, 2019 – Direct-to-consumer cleaning products company Truman’s announced today it has raised a seed minority investment totaling $5 million from investors led by consumer products giant Henkel, the maker of well-known brands like All, Dial, Persil, Purex and Snuggle. The funding round comes just six months after the company launched with a playful personality and lineup of four non-toxic cleaners that utilize refillable bottles and concentrate cartridges.
Also participating in the seed round are Uncommon Denominator, Starting Line and BFG Partners. This collection of venture capital firms and their partners have made past investments in Chameleon Cold-Brew, Cameo and ecommerce powerhouses such as Boxed, Burrow and Dollar Shave Club, the latter of which was acquired by Unilever for $1 billion in 2016.
Henkel has been a driver for innovation and sustainability in the industry for more than a century. Through its corporate venture capital division – Henkel Ventures – the company invests globally into startups to explore new business opportunities and help them to grow a successful business. With the lead investment in Truman’s, Henkel demonstrates its commitment to accelerate its industry’s own transformation.
“Convenience and sustainability 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, we pursue ambitious targets to reduce plastic waste and to contribute to a circular economy,” said Robert Günther, Corporate Director of 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.”
Truman’s aims to eliminate single-use plastic bottles in the cleaning industry. The company also simplifies cleaning by shipping direct to customers and offering a lineup of just four non-toxic cleaners that tackle virtually every hard surface in a home. The cleaners utilize concentrate-filled cartridges and reusable bottles delivered empty, so you simply add water at home. The impact of Truman’s product can be felt throughout the supply chain, as it takes 30 semi-trucks filled with ready-to-use cleaners to equal just one truck of the equivalent of Truman’s refill cartridges.
Through the partnership, Truman’s gains access to Henkel’s expertise in strong brands and technologies, customer base and global footprint.
“By combining Henkel’s resources 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.
Prior to co-founding Truman’s, Bostock and Reed served as executives at fan and light maker Big Ass Fans, where they guided the company’s $500 million sale in 2017. Bostock also oversaw startup ventures during his 10-year tenure at General Electric prior to joining Big Ass Fans.