The supplements maker has secured funds with Metro Bank ahead of new products roll out at home and abroad
Premium liquid supplements company YourZooki has secured a £1.6 million funding facility with Metro Bank to help accelerate its expansion into North American markets.
The funding is comprised of an £800,000 Coronavirus Business Interruption Loan and an £800,000 invoice financing facility.
Metro Bank’s backing is YourZooki’s third round of investment in under 12 months. In August, the company received a £950,000 funding package from Investec, and underwent two funding rounds totalling £300,000 with the Lancashire County Council Rosebud Fund, managed by GC Business Finance. This allowed YourZooki to expand its Blackpool and Preston-based production capabilities.
YourZooki said it has trebled revenue in the past 12 months, with online demand rising 750% during the pandemic. It added it is able to scale up its international distribution network after signing a recent contract for US and Canadian market entry with supplement retailer General Nutrition Centre.
YourZooki sells its products in UK high street retailers including Boots, Holland and Barrett, Harrods, Selfridges, Planet Organic and Wholefoods, and John Bell & Croydon, the Queen’s pharmacist.
This year, the company is rolling out new products in the US and UK including Hydrolysed Marine Collagen, Vitamin D3 and Probiotics supplements.
YourZooki co-founder Marcus Mollinga said: “2020 was obviously a demanding year for many businesses, but we were fortunate to be able to scale up quickly and enjoy incredible growth as a result of market conditions brought on by the pandemic. There have been noticeable shifts in consumer behaviour towards prioritising health and wellbeing, and with it an increase in demand for more effective and enhanced supplements than the traditional pills and powders.
“Our sales have risen considerably as a result, and Metro Bank’s funding will enable us to meet this increased demand, grow our operations, and concentrate on our US and Canadian expansion. The bank’s backing has been crucial to ensuring we’re primed for this next phase of growth, with new product launches and listings in the pipeline and an exciting year on the horizon.”
Mark Nelson, invoice finance business development director for London and the South at Metro Bank, added: “It’s been a pleasure to support YourZooki in unlocking this funding, to help the business capitalise on the growth it enjoyed last year. Metro Bank has been especially impressed by the team’s unique position in the supplements space and the progress it has made in new international markets, and the investment will enable this global expansion further.”
Jack Buck, commercial banking manager at Metro Bank, commented: “Even during the challenging conditions brought on by coronavirus, with the right support, there are businesses out there that have the potential to thrive. YourZooki’s focus on ecommerce and its subscription model saw demand reach new highs last year, and has provided a solid foundation for impressive growth. Metro Bank’s funding facility will support this further as they push into North America.”
Date published: 15 February 2021