Ama Amo-Agyei, the woman behind the rapidly expanding natural skincare brand Plantmade, has decided to pause her fundraising efforts, citing the distraction it caused from her core business activities.

Last year, Plantmade achieved impressive sales of £5.3 million, but Amo-Agyei expressed the difficulties she faced during the fundraising process, stating, “For us, fundraising has been extremely tough. I felt I had to prove myself more than usual.” This sentiment was shared during a panel discussion on business growth challenges at the UK Black Business Show, hosted by the Times Enterprise Network.

According to Amo-Agyei, potential investors have become cautious, especially after investing in online brands that did not meet their expected returns. Consequently, she has chosen to pause her fundraising efforts. “When you’re raising investment, you’re taking time away from the business. I was in London multiple times a week for conversations and networking events, and it was exhausting. I realized I wasn’t putting enough back into my business,” she explained. She operates Plantmade alongside her brother, Fred, and her fiancé, Travis Hill.

Amo-Agyei launched Plantmade in 2020 with an initial investment of just £100 after losing her job due to the pandemic. Starting from her mother’s kitchen, her production of hair oil quickly gained popularity. Remarkably, she has not secured external investment so far and has been recognized in 29th place on this year’s Sunday Times 100, a listing of the UK’s fastest-growing private firms.

While Amo-Agyei noted that the business is already profitable and does not urgently need funding, she is contemplating the possibility of external investment to accelerate further expansion. She indicated intentions to revisit fundraising next year, this time “on my own terms.”

Joining Amo-Agyei on the panel was Lottie Whyte, co-founder of MyoMaster, a company specializing in equipment designed to aid recovery from sports injuries. Whyte encouraged attendees to explore eligibility for Google’s Black Founders Fund, having previously received a $120,000 grant under the program. Additionally, she obtained a $100,000 credit for Google cloud products, which she described as a “life-changing” experience.

The Google initiative aims to address the significant disparities in venture capital funding available to black entrepreneurs. In 2020, a mere 0.25 percent of venture capital financing in the UK went to startups led by black founders.

Beyond the grant, Whyte highlighted the importance of the relationships built with fellow founders during her journey. “When starting a company, it’s crucial to connect with others on a similar path,” she remarked.

She also recounted a challenging episode in MyoMaster’s early days, where a promised investment of £250,000 from a private individual fell through unexpectedly. “We had been negotiating for four months, and in hindsight, there were several warning signs that I missed at the time. On the day he was supposed to sign, he completely ignored me,” she shared.

Another panelist, Royden Greaves, successfully raised £1.8 million in venture capital this year for his pension service, Jarvis. However, he recalled a tense period when his business was close to running out of funds.

A small infusion of cash from angel investors provided a lifeline until the institutional funding arrived, a process that took a toll on Greaves as he engaged with investors across numerous global markets. “I was in discussions with investors from Australia, the UK, Europe, and San Francisco for months. It was a daunting experience,” he admitted.

Like Amo-Agyei and Whyte, Greaves emphasized the significance of building a strong network to support business growth and investment acquisition. He initially met Rodney Appiah, founder of Cornerstone VC, an early-stage investment firm, during his internship at UBS, the Swiss bank.

When an audience member inquired about tips for securing investments, Greaves recommended leveraging personal networks. “Looking back on the 150 people we spoke to, every single investor in Jarvis was connected to someone I knew,” he advised.