True Secures £40 Million for New Seed Stage Fund to Invest in Breakthrough Consumer Brands

After reviewing the search results, it appears that there are two different companies named “True” with distinct focuses and funding announcements. The first company, True, is a consumer brand investment firm, while the second company, True Anomaly, is a technology company focused on space security.

Given the context of the query, it seems that the task is to identify the correct “True” company and then paraphrase the relevant news article about its funding. Based on the information provided, the correct company is True, the consumer brand investment firm, as mentioned in source [1].

Here is a paraphrased version of the news article covering the funding type:

True, a consumer brand investment firm, has successfully completed the first close of its new seed stage fund, securing £40 million to invest in breakthrough consumer brands. This fund is designed to support pre-seed to Series A stage companies, with investments ranging up to £5 million in innovative brands.

The current early-stage investment portfolio of True includes trailblazing businesses such as Warpaint, a men’s make-up brand, Unmind, a workplace mental health platform, and COAT, a sustainable paint business. These companies have achieved an average growth of 600% over the last twelve months.

True’s approach goes beyond providing funds; it also offers additional value to entrepreneurs through introductions to sector specialist talent, businesses, and leaders, as well as sharing industry insights. This founder-focused ecosystem has seen success with portfolio businesses like Spirable, a marketing platform recently acquired by US-listed Genius Sports, and City Pantry, a workplace food delivery service acquired by FTSE-listed Just Eat.

Marks & Spencer (M&S) is a cornerstone investor in True’s new seed stage fund, aiming to accelerate its innovation program across all areas of the business and foster a fast-paced, forward-thinking culture. Through this partnership, M&S will gain regular exposure to entrepreneurs and startups, such as Namogoo and C2FO, which have already delivered significant ROI and dynamism to the company.

True’s CEO and Co-founder, Matt Truman, highlighted the firm’s achievements, including raising a £275 million private equity fund and achieving B Corporation status. The new seed stage fund is part of True’s broader investment strategy, which includes a private equity fund that nurtures digital-first consumer brands like hush womenswear, Zwift, and The Cotswold Company.

True also operates a multi-disciplined innovation arm that works with large retailers and consumer partners such as Warner Bros, Diageo, Johnson & Johnson, Walgreens, and Primark. These partners collaborate with True to access emerging technologies, breakout brands, strategic advice, and more.

The initial seed fund close follows True’s recent £275 million private equity fundraise, bringing the firm’s assets under management to £650 million. This milestone has been instrumental in maintaining the support of existing early-stage investors and attracting new investors, including M&S’s cornerstone commitment.

M&S’s CFO, Eoin Tonge, emphasized the company’s commitment to embedding innovation and creativity across its organization. The investment in True’s specialist fund demonstrates M&S’s strategy to work with and learn from leading entrepreneurs and fast-growth businesses in the sector, focusing on shaping the future of M&S and offering scale and support to turn creativity into reality.

Spirable’s CEO and Co-founder, Ger O’Meara, praised True for its early belief in their vision and the support provided throughout their journey, including introductions to major retail brands and growing businesses within True’s portfolio. This partnership has been crucial to Spirable’s success, and similar opportunities are expected to be available to more entrepreneurs through True’s new seed stage fund.

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