UK-based sports nutrition brand, TRIBE, has secured nearly £1.4 million through its latest equity crowdfunding campaign on Crowdcube. The funding round, which was launched just two years after securing more than £1 million through its previous Crowdcube initiative, quickly surpassed its initial £1 million funding target (£759,000 investment has been reflected on the progress bar from 20 existing investors) and has attracted more than 1,000 investors. TRIBE is now offering 9.99% in equity with a £10,126,272 pre-money valuation.
As previously reported, TRIBE is inspired by a 1,000-mile run the three founders completed in 2013 to fight human trafficking.
“Frustrated with synthetic sports nutrition and rooted in the belief that business should be a force for good we started TRIBE with the mission to revolutionise the world of performance nutrition by trusting nature and to inspire our TRIBE to reach their infinite potential. Fast forward 4 years and we have now sold over 2m TRIBE products, built our TRIBE of 70k online customers, have a social media following of 50k people and over 100k people have participated in TRIBE runs, hikes, swims and adventures.”
The latest Crowdcube round’s funds will be used for the following:
- Invest in NPD to develop the most innovative products
- Grow its international presence
- Invest in its modern lifestyle brand that has a huge social impact
The funding round is currently set to close mid-August.
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