Myni completes major financing round with support from leading investors

QUEBEC CITY, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Myni, a pioneer in eco-friendly cleaning products for the body and home, is proud to announce the conclusion of a major financing round totalling $2.8 million. This achievement marks a significant milestone in Myni's quest to revolutionize the cleaning and personal care products industry.

Myni offers a doubly environmentally-friendly approach with its innovative products: cleaning solutions for the home and body, in the form of powder concentrates and tablets, formulated with wholesome ingredients. The concentrated formula, free from toxic ingredients, significantly reduces reliance on single-use plastic packaging, while promoting an experience that respects the planet and the health of users. Competing products are over 90% water, which generates large quantities of packaging.

"This financing will enable us to accelerate our commitment to the environment by continuing to develop and promote our innovative range of products," says Marie-Hélène David, CEO of Myni.

Myni was launched in April 2020, when accountant Marie-Hélène David became aware of the corrosive effect of cleaning products when a pipe broke. The young mother set out in search of sustainable solutions and now runs a manufacturing plant in Quebec City, employing 25 people. 

"Our products, initially offered online, are now available at over 1,000 retailers in Quebec and the United States. We want them to be accessible: they're often less expensive than current solutions and just as effective, with the difference that they're good for the environment and your health," says the young entrepreneur.

Financial support to revolutionize the industry

This second round of financing was led by Anges Québec, AQC Capital and Accelia Capital, three key venture capital players in Quebec, along with the Quebec government, through its Impulsion PME program, and ACET Capital. 

The $2.8 million investment reflects investors' confidence in Myni's vision and potential to redefine industry standards for personal care and cleaning products. 

Quotes
"Our government supports projects like Myni's, which offer Quebec consumers a local option while helping them reduce their environmental footprint. Thanks to the Impulsion PME program, our government is enabling young companies to move forward with initiatives that have a positive impact on the way we consume."
? Pierre Fitzgibbon, Minister of the Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal Region

"Together with our partners in the financial ecosystem, we are delighted to support Myni in this important step in their history. Their products, made right here in Quebec, are sure to meet the growing demand for eco-responsible consumption. Thanks to Impulsion PME, Investissement Québec now has one more tool to support start-ups that want to compete in new markets." 
? Guy LeBlanc, President and Chief Executive Officer, Investissement Québec

"The management team in place is fully invested in its mission and demonstrates great listening skills. It's a great start, especially as the sector is growing rapidly, and the timing couldn't have been better to help this local manufacturer develop world-class operations and enviable brand recognition."
? Marc-Antoine Cantin, angel lead representative for Anges Québec

"AQC Capital is delighted to support Marie-Hélène in her vision and to actively contribute, with Myni, to the creation of a world where economic development goes hand in hand with social and environmental responsibility."
? Kalthoum Bouacida, partner at AQC Capital

"We are proud to support Myni in its growth and in the development of new environmentally-friendly and sustainable products. Led by a seasoned entrepreneur, Myni has succeeded in innovating and establishing itself in Canada. It now intends to conquer new markets. The Accelia team is delighted to support Myni as it positions itself as a leader in its field."
? Christine Beaubien, co-founder and managing partner, Accelia Capital

"ACET Capital is very proud to reiterate its financial support for Myni. This second investment reflects our growing confidence in its innovative potential. With every step we take, we're more convinced than ever of Myni's ability to shake up the industry and create a future that's good for the environment and good for people."
 ? Dominic Denis, Investment Director, ACET Capital

About Myni
Myni's mission is to reduce the environmental impact of conventional single-use products. Its concentrates are made without water or plastic, while their ingredients come from natural sources and are non-toxic. From cleansers to hair and body care products, all are zero-waste, effective and safe for families and the planet!

Website: www.myni.ca/fr

About Impulsion PME
The Impulsion PME program, managed by Investissement Québec as an agent of the Québec government, aims to help young innovative companies with high growth potential gain access to start-up capital. This program was renewed in April 2023 with a new allocation of $120 million from the Québec Research and Innovation Investment Strategy (SQRI2) 2022-2027 and the Québec Life Sciences Strategy (SQSV) 2022-2025.

About Anges Québec
Thanks to the strength and diversity of its network, Anges Québec strategically supports passionate and innovative angel investors and entrepreneurs in their international ambitions. Founded in 2008, the organization has more than 230 members who have invested close to $120 million in over 160 Quebec companies with high growth potential, positioning the organization among the leaders of the Quebec venture capital industry.

About AQC Capital:
AQC Capital manages two venture capital funds designed to support companies at different stages of development. They invest in teams from all sectors and regions of Quebec, who are leveraging innovation to target global markets. They team up with Anges Québec, the country's largest network of private investors, to offer not only capital, but above all support, by putting their experience and network to work for entrepreneurs.

About Accelia Capital
Accelia Capital is a $60M venture capital fund whose mission is to promote innovative technology companies with high growth potential. The fund promotes diversity, performance and impact by favoring investments in companies owned or led by women. Portfolio companies also benefit from the support of renowned businesswomen who have mobilized their networks and expertise to ensure their success. Accelia Capital is a catalyst for the development of innovative companies and contributes to the creation of a diversified technology ecosystem.

About ACET Capital
ACET's mission is to identify innovative and daring technological projects, to support entrepreneurs in their development and to promote innovative new companies with a positive societal impact. Through its own investment funds, ACET Capital, ACET supports start-up companies that are close to or at the beginning of the commercialization phase. These funds, designed to take an equity stake in companies and create leverage, aim to support, through an appropriate financial structure, the early stages of a company's launch and the implementation of its commercialization strategy.

Source : Myni

Contact : Valérie Lesage
[email protected]
418 704-1559 #7821

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/683d8b51-919d-49d7-a14a-262ac1a2e19e