Personalised nutrition start-up Nutri-Genetix (NGX) has returned to the crowd to raise almost £500k as part of a larger £1m round to help break into the US.
NGX raised almost £449k from 373 investors on the Crowdcube platform, beating its £300k target and valuing the company at £4m.
It comes after the business secured a £50,000 investment offer from Peter Jones and Touker Suleyman on BBC One’s ‘Dragons’ Den’ last year for a 15% stake. Although, NGX subsequently turned down the money after filming.
The business will use the latest funding from the crowd to fuel a push into the US market and accelerate the launch of new personalised nutrition products.
CEO and co-founder Jeremy Poland told The Grocer NGX had raised a further £100k from private investors outside the Crowdcube round and was aiming to hit £1m.
“The business is doing extremely well,” said. “We had a great year, establishing a profitable model for acquiring customers, sold over 120,000 meals of BodyFuel, got investment offers from Peter Jones and Touker Suleyman from Dragons’ Den (though we turned them down after the show), and established great new brand partnerships with the likes of Barclaycard and Amex.
“We are fundraising to take NGX over to the US, where people spend 3x as much on health and nutrition and there are 5x as many people.”
Launched in 2020 after two years of research and development, the food tech brand claims to have developed the world’s first genetically personalised nutrition shake. NGX tailors its meal replacement supplements and nutrition shakes using customer’s individual DNA.
NGX has now raised raising more than £900k across three separate rounds on the Crowdcube platform.