Sports nutrition business Tribe has announced the early closure of its crowdfunding drive having secured £1.75 million in backing from 1,833 investors.
Having raised its planned £1 million inside four days the business and having added a further 75% in overfunding, the business has been giving a leg up toward its ambition to “become Europe’s largest sports nutrition business by 2025,” a title currently held by Science in Sport. Investors now hold 24.14% equity in the brand.
Tribe took a unique crowdfunding approach by hosting two participation events for potential investors to meet Tribe’s three co-founders – Guy Hacking, Rob Martineau and Tom Stancliffe. The two events included a London to Oxford 65-mile bike ride on 13th May and a 6k London city run on 16th May, attracted 170 runners and riders.
At present Tribe sells 20+ products as part of a tailored product subscription service, attracting 25,000+ regular customers.
Guy Hacking, Tribe Co-Founder, said: “Since inception, our community has been at our core and we’re delighted to have raised £1.75m in partnership with those individuals our brand has been specifically built for.
“The support for this fundraiser has been phenomenal and this significant investment can propel Tribe as a market trailblazer in 2018 and beyond. Significant increases are planned for our bespoke product service and participation event offering, both of which will directly benefit our investors, customers and future members alike.”