Functional snacking brand Adonis has raised more than £1m in an effort to gain market share as demand for keto products grows in the UK.
The business, launched by former investment banker Ingo Braeunlich in 2015, secured £700k in a crowdfunding campaign on Crowdcube as part of plans to launch new products and ramp up marketing.
It adds to a further £600k raised from private investors this year, with the business now valued at £6.5m.
Adonis produces a range of low-sugar plant-based keto snack bars and recently expanded its offering into keto crackers as a low-carb bread alternative.
It has sold more than two-million bars to date and generated total revenues of £3.2m, winning listings with Morrison’s, Sainsbury’s, Ocado, Decathlon, Tesco Ireland and other retailers in Europe.
The keto market – which focuses on very low carb, high fat foods – is rapidly expanding and predicted to reach a global value of $15bn by 2027, with the largest growth to be expected in Europe.
Braeunlich said: “While almost every retailer in the US already has a wide keto range, soon we will have the highest number of keto dieters in Europe, so we expect massive growth in this sector.
“It won’t be long before all the major European supermarkets follow in the footsteps of the US by adding a keto offering. Some retailers in the UK reworked their offering already to accommodate keto customers, including Ocado and Morrisons with its health & wellness shelf.”
No comments yet