TRIBE has successfully secured funding from Yeo Ventures, Crowdcube, and private investors, which will catalyze the company’s ongoing growth. This strategic financial support aims to facilitate the hiring of seven new senior team members.
In conjunction with this funding round, the company has appointed a new chairperson, Steve Rich, who previously served as managing director of FulFil, overseeing its sale to Ferrero for £140 million in 2022.
With over 20 years of experience in the fast-moving consumer goods sector, Rich has a substantial background in food and drink, having spent significant time with chocolate manufacturer Cadbury and its parent company, Mondelēz International.
Discussing the funding round, TRIBE co-founder Tom Stancliffe stated: “Our journey began with a 1,000-mile run to fight modern slavery, and our mission is to fuel active lives with natural energy.
‘Accelerate our growth’
“We are really excited and proud to partner with Mercia and Yeo Ventures for the next stage in our journey. Our new Chair, Steve Rich, also brings huge experience and knowledge to our Board as we look to accelerate our growth.”
Founded in 2015 by former lawyers Robert Martineau and Tom Stancliffe, TRIBE offers vegan, gluten-free products made exclusively from natural ingredients. Its offerings are available at major supermarket chains and health food stores, such as Sainsbury’s, Tesco, Waitrose, the Co-op, and Morrisons.
In the past year, the company achieved revenues of £4 million and now has ambitious plans to exceed £20 million by 2027.
Rafael Joseph of Mercia Ventures commented: “With consumers moving away from ultra-processed foods, healthy snacks are amongst the fastest-growing grocery categories.
‘Ingredients for success’
“Restrictions on displaying ‘unhealthy’ foods in supermarkets are also bolstering TRIBE’s sales. TRIBE has all the ingredients for success – an exceptional product underpinned by consumer trends and the ideal team to back it up.”
This latest funding round coincides with the launch of TRIBE’s ‘Protein + Focus’ range, featuring lion’s mane mushroom.
Christopher Gale, investment manager at Yeo Ventures, remarked: “We are delighted to be partnering with Tom and Rob, alongside the team at Mercia Ventures, to support TRIBE in the next phase of its growth journey.
“Positioned at the intersection of sports nutrition and healthy snacking, TRIBE provides a natural alternative to the ultra-processed products that no longer meet the needs of today’s health-conscious consumers. TRIBE aligns well with our thesis to drive the transition towards a natural and healthy food system, and we look forward to seeing the meaningful impact that the business will have in this evolving market.”
In related industry news, food and drink firms were among 25 businesses that secured a share of a £51.9 million Government grant aimed at supporting emissions-reduction projects across the UK.
