Bio & Me

Bio & Me has doubled revenues year on year as distribution expands rapidly

Rapidly growing challenger Bio & Me has secured a seven-figure investment as it seeks to further drive consumer awareness of the importance of gut health.

The £1.6m backing is earmarked to support the next major piece of strategic innovation in 2023 and further grow the business’ sales team, as well investing in marketing to keep growing the core Bio & Me brand.

It comes as the brand scored seven new category retail launches this year across Asda, Boots, Holland & Barrett, Sainsbury’s, Tesco, The Co-op and Waitrose.

As well as the rapid expansion in distribution, Bio & Me’s retail sales run-rate now stands at £7m, with revenues having doubled year on year.

CEO and co-founder Jon Walsh told The Grocer consumer’s continued to prioritise gut health even as household budgets came under pressure.

“The fact our revenue has more than doubled year-on-year made it a great time for us to do our raise,” he said.

“Bio & Me is now in a really strong position to continue its growth rate across 2023, driven by consumer demand for products that taste good as well as do good.”

Founded in 2019 by nutritionist Dr Megan Rossi, also known as the Gut Health Doctor, the brand secured its first listing for a range of granolas. It has since expanded into porridge, muesli and prebiotic yoghurt.

A majority of the funds in the latest investment round came from existing backers, including lead investor and advisor Giles Brook, who first invested a six-figure sum back in early 2021.

“Collectively the team have done a fantastic job raising our funding target in such a short time frame,” he said.

“And with 70% of those funds coming from existing investors, this shows the degree of confidence they have in the Bio & Me business, brand and team.”

Brook added: “All of this is ultimately a reflection of the progress made in 2022 where the business has more than doubled in size with category leading rates of sale, loyalty and repeat.

“With a significant amount of incremental business already secured for 2023, it is set to be another landmark year with more and more consumers adopting great tasting gut health products into their daily lifestyles.”

Bio & Me closed a £1.4m funding round in March of this year, with England football captain Harry Kane becoming a shareholder.

Rossi said: “I am so grateful to our current and new investors for believing in us and our mission. My goal has always to been to make tasty food solutions that can carry genuine health claims.

“As a dietitian and scientist, that is what matters to me, and I believe is what is driving Bio & Me’s growth.”