People Tree gets a £1m cash injection
It's happy days over at People Tree today with the news that the ethical label has secured £1m in funding from financier Oikocredit.
Drapers reports that the cash injection will help support People Tree's growing wholesale business with more advance payments to suppliers, in which orders doubled last year.
"People Tree is a mission-driven company so we became exhausted during the search for investment as conventional venture capitalists wanted an unrealistic return and philanthropists just don't understand fair trade businesses, which constantly invest in their producer groups and are campaigning on fair trade issues but are not charities. We are delighted to have Oikocredit on board as a long term strategic partner," said founder Safia Minney. [Via Catwalk Queen]
