Case study

Finding the right cover for Wild

Wild, a company that launched less than three short years ago, is now the number one natural deodorant brand in the UK. A subscription-based service similar in terms of audience and rapid growth to the likes of HelloFresh and Gousto, Wild has taken the market by storm with its socially-conscious ingredients, insta-worthy packaging, and millennial-friendly branding.

Let’s take a look at who Wild are and how they grew so rapidly.

Who are Wild?

Wild was founded in 2019 by friends Freddy Ward (who was, incidentally, ex-Director of Marketing at HelloFresh) and Charlie Bowes-Lyon and soft-launched in December of that same year.

Ward and Bowes-Lyon set out to create an all-natural, 100% biodegradable (aside from its refillable case) deodorant to fill the gaps in consumer demand that the typical brands weren’t fulfilling. In just five months, they had won more than 6,000 customers.

Wild’s offering itself is simple: choose a deodorant fragrance and they ship refills direct to you at a set time, all of which is offered as a flexible subscription that can be managed in an intuitive self-service platform.

The deodorants themselves are made from anodised aluminium and recycled plastic, and the casing – unlike many consumer products - is hardy enough to be thrown in a bag while still looking very pretty. Wild also touts refills that are 100% plastic free and slim enough to fit through your letterbox - plus, just to really hammer in the eco-conscious nail, they offset their carbon emissions by contributing a percentage of all sales to a chosen reforestation charity.

How did Wild grow so quickly?

“We certainly did not anticipate the growth curve we have been on,” Ward says, during an interview with Forbes magazine earlier this year. “Our plan was quite simple: make the product as good as we can and, after launch, use all our data and insights to keep making it better and better.”

It’s clear to see just by laying what Wild offers out on paper why, in a lockdown world where subscription-based purchasing sky-rocketed and lack of pubs drove us to invest that loose beer money into better self-care practices, they grew so quickly. Besides the convenience and all-natural aspects of the product, however, they went a step further; by baking answers to environmental and social concerns into their product, they won over the younger portion of the market with ease.

All of these aspects combined allowed them to successfully seed £500,000 (at £1.35m pre-money valuation) in April 2020 from angels at the early peak of the coronavirus pandemic, quickly followed by another round of investment in August led by JamJar investments (the Innocent Drinks founders' venture capital fund). In February 2022, they secured an equity fundraising of £5m, with an overall valuation at a staggering £44.4m!

With this kind of financial backing (achieved in part from their excellent Environmental, Social and Governance (ESG) credentials), Wild recorded 400% year-on-year growth in 2021, selling 2.5 million of it's products!

Why do you need specialist insurance when you are growing so fast?

Wild are growing seriously fast. With plans to expand into different personal care products, plus a newly forged, exclusive retail partnership with the likes of Selfridges, Sainsburys and Waitrose under their belt, their rapid growth looks set to hold.

But growing this fast has insurance consequences. Unsurprisingly, Wild quickly outgrew their original policy and needed to put the right cover in place.

In just twelve months Wild moved premises, welcomed new team members, signed new supplier contracts and will shortly launch new products and move into new territories. Clearly, this level of success has an impact on insurance requirements. Growing responsibly means getting this right.

It is easy for scale-ups to find themselves underinsured or insured on the wrong basis without a specialist insurance partner.

It’s not only important for the business, it is also important for investors that a scale-ups risk is properly managed. It’s not just a matter of cover, it’s about enabling opportunities, sustaining growth and rewarding good governance.

This is why we founded Capsule and were so delighted to get to know Wild – like us a values led business, with a growth mindset.

We loved the idea of a proactive insurance partner that can support us as we grow. As highly experienced entrepreneurs who have done it themselves, the team at Capsule understand our needs and they share our values.

Freddy Ward, CEO at Wild

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Capsule exists to support businesses like Wild! Using a combination of data insight and deep market expertise, we create agile insurance programmes that evolve with our scale-up partners and unlock growth. By working closely with the great team at Wild, they are able to focus on building their business and brand with confidence, knowing that we have them covered.

Tom Wynne, CEO at Capsule

Capsule business insurance is here to help

Besides a different (more appropriate) approach to business insurance for scale-ups, Capsule believes that companies that are already making great environmental and social strides should be recognised and rewarded for that hard work – especially when it comes to business insurance.

Capsule work with a select number of ethical insurers who are committed to taking ESG factors into account when calculating a company’s risk. We think that successful businesses will increasingly be ethical, sustainable, responsible companies like Wild. We also fundamentally believe there is a strong link between ESG and risk profile, and we are committed to working with our clients and insurer partners to ensure that these factors are rewarded.

To find out more about the good work we’re doing here at Capsule, and to find out how your company can benefit, drop us a line - hello@capsule.com. We’d love to hear from you!

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