Company takes minority holding
FTSE firm Croda backs skin care start-up Cutitronics
The deal marks a significant milestone for the Glasgow-based firm which was established in 2014 as a spin-out company from the University of Strathclyde by David Heath (pictured) and has since patented its technology.
Croda, which makes ingredients used in the process, has taken a minority shareholding. Terms of the deal were not disclosed.
Dr Heath said: “We’re excited to be recognised by Croda and to now be partnering with them. The support from the team at Croda will be invaluable to us.”
Wilma McDaniel joined the Cutitronics team as commercial director in 2015 after years of experience in corporate and brand level global beauty. She said: “It has been my pleasure to present white labelled access to our technology to some of the world’s most recognised beauty brands over recent months in Paris, London and New York.
“This partnership supports us to progress these plans enabling theses companies to provide their customers with a 21st century home skincare solution.”
Sandra Breene, president of personal care & North America at Croda, will join the Cutitronics board as a non-executive director.
Ms Breene said the partnership will enable Croda to use the latest digital technology to gain greater insight into consumer behaviour.
Cutitronics has also been supported by Scottish Enterprise’s high growth ventures team headed by Silvio Clemente, who said: “We have supported this highly ambitious and innovative company with services that have allowed them to become a viable business with the capability to make strategic partnerships and to trade internationally.”