Tribe, a sports nutrition company, has raised £1m in an equity crowdfunding round on the first day of its public launch.
The London-based startup smashed its £1m target in the first day of raising money on Crowdcube, and has now gone into overfunding with 25 days left. The crowdfunding page remained private for the first three days of its launch before going public today.
Founded 18 months ago, Tribe makes a range of products aimed at exercise enthusiasts who want natural ingredients in their snacks. The business model revolves around a subscription pack, currently sent out to 25,000 members. Tribe also hosts regular outdoor exercise events, including a 6km run around London tomorrow, which starts in Shoreditch.
The brand said that is has run rate in excess of £600,000 and consecutive month-on-month growth of over 20 per cent since late 2015.
The new funds have been earmarked for product development, improving e-commerce, digital marketing and more events.
Tribe co-founder Guy Hacking said: “All Tribe investors will play a big part in Tribe’s evolution. All will be guaranteed a 15% lifetime discount and we will never release a product until every single shareholder has had a chance to road test it. We’re excited to welcome likeminded individuals to join the Tribe.”