I read this and laughed.
They’ve fully press released this to make it seem like a big deal. Her quote ‘ I have more followers than the population of Glasgow’
Basically they’ve been trying for over a year to attract more investment - last year they took out a bank loan for whatever reason - must have needed a cash injection - that was after 2 separate venture capitalist investments to start the company.
If you look into the actual funding, it’s £2.9mil - so no idea where the £5.5m number is from - in fact it’s probably just added on to the initial investment they’ve already burnt through.
Also these investors get their cash back before anyone else. They’ve reported this like it’s cash in the bank for her, rather than money needed to pay salaries and make a better website, and try target the US market. That’s why you can spot a press release a mile off.
Their finances aren’t exciting at all, and the traffic to their website is meh. The vast majority of beauty brands fail. It takes huge sums of investment to make something stick. I just can’t see it. She’s not suddenly walking round with £5m. The company turned an £80k profit in the last tax year. A more realistic headline would mention that the company is in £5million worth of debt. Not sure that would have the same impact though.
Well done to her though for understanding the most important rule of business. Never use your own money. Risk someone else’s.