Less than one week after launching its equity crowdfunding campaign on Crowdcube, UK-based sports nutrition brand, TRIBE, has surpassed its initial £1 million funding target thanks to nearly 850 investors.
The company reported that in the past 18 months since the founders quit their jobs to form the business, its customer base has grown to 25,000 members, also known as Tribe Pack subscribers, and more than 10,000 outdoor event attendees. With a revenue run rate more than £600,000 and consecutive month-on-month growth of over 20% since third quarter 2015, TRIBE now aims to be the leader of a sports nutrition industry in Europe by 2025. It was also revealed that all TRIBE products are formulated for performance but made from the highest quality natural ingredients only.
Guy Hacking, TRIBE Co-Founder, stated:
“TRIBE was inspired by Run for Love, when 250 runners joined us Forrest Gump style on the road. Since then community has been at the heart of TRIBE, and it’s crucial that our community is part of this stage of our journey. We want the runners and riders who we build our products for to own the business.”
Also speaking about investor perks, Hacking explained:
“All TRIBE investors will play a big part in TRIBE’s evolution. All will be guaranteed a 15% lifetime discount and we will never release a product until every single shareholder has had a chance to road test it. We’re excited to welcome likeminded individuals to join the TRIBE.”
“When you’re talking about investing in a young brand, you want to know that it’s in the right sector, growing rapidly and the foundations are being put in place. I can honestly say that all of that has been achieved in the first 18 months of TRIBE’s existence. The thing that really excites me about the next few years, is that after one year we’ve barely scratched the surface.”
As part of the fundraising phase, TRIBE revealed it would stage two participation events for prospective investors, a London to Oxford cycle, which was held this weekend, and a London TRIBE run this Tuesday, May 16th. The funds from the Crowdcube campaign will be used to help aid product development (more due in late 2017), improve e-commerce tech, invest in digital marketing and support the hosting of unique future participation events.
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