Supplements start-up Dr Vegan has closed a six-figure funding round as it looks grow brand awareness and expand its retail presence.
The £566k raise from private investors follows the business hitting sales of £2m in 2022, its second year of trading.
Founded in 2020, Dr Vegan sells a range of 23 formulas, with plant-based supplements spanning gut health, women’s health, skin and daily multivitamins.
DTC makes up the bulk of the company’s revenues, but the brand has scored listings in Whole Foods, as well as independent health food stores and pharmacies.
Co-founder Gordon Lott said he aimed to expand further in the retail channel and overseas, with another funding round planed later in the year.
“We plan to raise a further £1.5m early this year, likely again through private investors,” he added.
“As well as health food stores, there’s a huge opportunity in the pharmacy sector, which we are big supporters of. We also believe that sustainable, ethical, and effective supplements for all diets should be available in supermarkets everywhere for customer convenience. Our mission is to become the number-one ethical consumer wellness brand; to achieve this we have to be omni-channel.”
The recent capital injection will be invested in stock, marketing and the growth of the business’ workforce.
Dr Vegan receives an average of 80,000 visitors to the website each month and has sold more than 260,000 products to date.
“We wanted to shake-up the industry through a science-led, natural approach and over-deliver on customers’ expectations,” Lott said.
“We’re already seeing strong organic appetite for Dr Vegan’s values, ethos and formulas in international markets. We launched in Hong Kong, Slovenia and the Caribbean last year, and we plan to launch in the US and Germany among others this year.”
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