Crowdcube-funded sports food startup Tribe has confirmed plans to expand into bricks-and-mortar retail after its equity crowdfunding campaign hit £1m on its first day.
The Shoreditch-based company, which makes snacks and shakes for runners and other keen athletes, smashed its target of £1m when it went public on Crowdcube on Monday.
Now co-founder Guy Hacking has told City A.M. that the brand hopes to expand beyond its ecommerce platform to be stocked in shops.
Hacking said: “We now have a stable basis in our revenue run rate of £600,000, so we are able to have a different conversation about distribution. We see the opportunity to be a multi-channel brand.”
The current model revolves around a subscription pack of sports nutrition, which is sent out to 25,000 members. Customers can also buy the products directly through the brand’s website.
Following the success of the crowdfunding campaign, however, Tribe will look to hire a retail team, with the intention of finding stockists among specialist sports and health food stores before investigating a possible supermarket deal.
Hacking also confirmed to City A.M. that the Crowdcube campaign is unlikely to remain live for the full 23 days it has left. At the time of writing, the campaign had overfunded to £1.16m, but Tribe’s board will decide imminently when to cut off to new investments.
As well as powering a retail expansion, the new funds have been earmarked for product development, improving e-commerce, digital marketing and events.
The successful crowd equity operation gives the company a value of £5.5m.