Veteran-led Raleigh startup Murphy’s Naturals has nearly completed $8.5M Series A fundraising round

RALEIGH – Murphy’s Naturals expects to close a $8.5 million Series A fundraise by the end of the month, according to a statement shared with WRAL TechWire by a spokesperson of the company. An SEC filing from the company shows it had closed nearly $8 million from 25 investors as of the end of March.

The startup company, founded in 2014, said that NRV will lead the round. Other investments are from Emil Capital Partners, 550 Capital Partners, and PenFed Foundation’s Veteran Entrepreneurship Investment Program, according to the statement.

The company is a veteran-owned company, and both 550 Capital Partners and PenFed Foundation focus investments on military and veteran entrepreneurs, the statement noted.

“We are grateful for our investment partners, who believe in what we have accomplished and in what we can accomplish in the years ahead,” said Philip Freeman, the founder and CEO of Murphy’s Naturals who is also a U.S. Navy veteran, in a statement. “We’re not only committed to making the best products for outdoor living, we also are a socially conscious company, and we appreciate that our investors see that and embrace it.”

Freeman is also the founder of The Loading Dock.

Backed by VCs, Raleigh-based Murphy’s Naturals gets ready to expand

Driving growth

According to Geoff Keegan, the company’s vice president of finance, the company plans to use the raised funds to support its growth. That includes additional research and development ahead of new lines of “innovative natural products for outdoor living, increased production capacity, and brand development,” said Keegan.

Keegan anticipates growth to occur through an increase in production capacity and infrastructure across each of the firm’s sales channels, but noted that the startup has a particular interest in retail channels.

“There is a wealth of startup capital available, though a smaller subset of early-stage investors really understand how to evaluate and add value to consumer product companies,” said Keegan. “We are fortunate to have partnered with several institutional and individual investors with relevant domain expertise and relationships that can help us develop a playbook to become the leading natural brand for outdoor living.”

Keegan confirmed to WRAL TechWire that the company has 35 employees, all of whom are based in the Triangle. The company is hiring in sales support, production, and accounting, said Keegan. The company will also invest resources in expanding its team, following the closing of the fundraising round.

The company previously raised funds in 2019. Following the onset of the global COVID-19 pandemic, the company pivoted operations to manufacture and deliver hand sanitizer.