Axios Pro Exclusive Content

Exclusive: Murphy’s Naturals nets $8M Series B

Mar 13, 2024
Illustration of a tent made out of money.

Illustration: Allie Carl/Axios

Murphy's Naturals raised an $8 million Series B to expand its natural insect repellant across the U.S., CEO Philip Freeman tells Axios exclusively.

Why it matters: Eco- and health-conscious consumers are driving demand for natural and sustainable products.

Zoom in: The round was led by Point King Capital, with participation from Emil Capital Partners, former Seventh Generation and Burt's Bees CEO John Peplogle and existing shareholders.

By the numbers: Murphy's plans to reach $100 million in revenue by 2030, which would mean running at a CAGR of roughly 32%, which it is already "trending ahead of," Freeman says.

  • The company has raised $18 million to date.

What's next: Alongside expanding retail distribution nationwide, Murphy's plans to branch into new products like sun protection, Freeman says.

Between the lines: The percentage of essential oils like citronella, lemongrass and rosemary in most repellent products is low because they aren't regulated, Freeman says.

  • The oils are also expensive, incentivizing many companies to only add a trace amount of oils to their products — rendering the oil less effective.
  • "We went the opposite way and we went heavy on the oils," he says. "It made our product more expensive, but you know, they worked, and people are willing to pay a little bit more for an actual product that's effective."
  • A 6-fluid ounce bottle of Off! Deep Woods spray costs $7.49 at Target while a 4-fluid ounce bottle of Murphy's Lemon Eucalyptus Bug Spray runs at $9.99.

Yes, but: While many consumers say they prefer natural pest control and insect repellent products, most care primarily about performance and reliability, per Consumer Reports.

What we're watching: Murphy's plans to revamp the look of its brand over the next month, Freeman says.

Go deeper