With its sights set on international expansion, growing direct-to-consumer extra-virgin olive oil business Citizens of Soil has bagged £1.8m (€2.1m) in seed funding through FIGR Ventures support.
The capital will be used to bolster Citizens of Soil’s new product launches, the expansion of its leadership team, as well as investing in marketing to grow brand awareness.
Funding will also be used to launch into international markets what Citizens of Soil has dubbed ‘the UK’s first Olive Oil Club’.
International DTC olive oil
The international Olive Oil Club aims to grow a community of paying customers who share enthusiasm about the quality, sustainability and ethical production of olive oil.
Founded by Michael and Sarah Vachon in 2021 as a “side hustle”, the business has developed a strategy based on a new olive oil experience.
It also focuses on producers practising regenerative farming, and works with underrepresented female farmers.
Women are championed across the supply chain, and small-batch groves that farm in harmony with nature – building resilience into the land as well as the communities around them – are prioritised.
“Shoppers are increasingly looking for high-quality, nutritious food experiences that offer total transparency, and we are committed to bringing the best extra virgin olive oils directly to their kitchens,” says Sarah Vachon.
Investors’ support will be utilised to scale Citizens of Soil’s impact on small-scale producers, as well as category innovation and team growth, she added.
Prices of olive oil coming down
FIGR Ventures managing director Fiona Humphries said: “The team’s innovative approach, combined with a genuine passion for creating the best-tasting, most sustainably-produced oil, sets them apart in a sector currently dominated by mass-produced, blended oils.
“With this investment, they are well-positioned to scale their business and bring their exceptional products to even more customers.”
Olive oil prices have been pressed over the last two years due to poor harvests caused by bad weather.
However, buyers and brands are expecting prices on the supermarket shelves to plummet due to harvests returning to normal levels.