Plant-based gut health challenger Biomel has landed a £5.5m private equity investment to accelerate growth and drive innovation.
The backing from venture capital firm Iris Ventures will help the business expand capacity at its London production facility to meet “soaring” demand for the product range.
Founded in 2017 by husband-and-wife team Steven Hegarty and Janett Lozano, Biomel makes gut health drinks, snack bars and powders.
Its products are stocked by Sainsbury’s, Waitrose, M&S and Whole Foods, as well as a growing footprint in independent retailers and international markets.
Biomel claims to have averaged organic growth of more than 80% a year since it launched, and has been profitable at an operating level since 2020.
“Biomel was borne out of our own desire to live healthier and more fulfilling lives and is based on the premise that your gut is at the heart of your health,” said Hegarty, who runs the business as CEO.
“[The brand] is the market leader in the category and we are partnering with a global investor powerhouse to fulfil our mission to make good gut health delicious and easy, through products modern consumers enjoy and love.
“We are excited to leverage Iris’s sector expertise and knowhow to further drive total category growth and market expansion through our unique products and innovation pipeline. The participation of such a recognised and respected consumer investor not only validates our thesis but also enables Biomel to continue growing the category and position ourselves as a leader in the functional gut health sector more broadly.”
Montse Suarez, Iris founder and managing partner, added: “Backing Biomel’s founders aligns perfectly with our mandate to empower a new generation of extraordinary visionaries. They are the clear trailblazers in the plant-based gut health category with a refreshing and contemporary brand proposition that resonates with the modern consumer.