Plant-based gut health brand Biomel has secured a £5.5 million investment from growth equity fund Iris Ventures.
The investment will be used to accelerate Biomel’s mission to ‘make good gut health delicious and easy’. It is expanding capacity at its innovation and production facility in west London, UK, to meet ‘soaring’ demand which the company said has driven its sales trajectory and operating profitability since its second year.
Biomel reported that it has averaged over 80% growth per year since its launch thanks to its omnichannel route-to-market. Its range of drinks, snacks and powders are listed in major retailers including M&S, Waitrose, Sainsbury’s and Whole Foods Market alongside a growing footprint in independent retailers and international markets.
Steven Hegarty, co-founder and CEO of Biomel, commented: “Biomel was born out of our own desire to live healthier and more fulfilling lives and is based on the premise that your gut is at the heart of your health. Gut health affects everything from digestive to mental health through the gut-brain axis. In fact, 70% of serotonin, the happy neurotransmitter and hormone, is produced in the gut.”
He added that Biomel has developed proprietary IP to bring “differentiated and better solutions for consumers looking to improve their health and well-being through next-generation probiotic and prebiotic solutions”.
“We are excited to leverage Iris’s sector expertise and know-how to further drive total category growth and market expansion through our unique products and innovation pipeline,” Hegarty said.
“The participation of such a recognised and respected consumer investor not only validates our thesis but also enables Biomel to continue growing the category and position ourselves as a leader in the functional gut health sector more broadly.”
Montse Suarez, founder and managing partner of Iris Ventures, commented: “Backing Biomel’s founders, Steven and Janett, aligns perfectly with our mandate to empower a new generation of extraordinary visionaries. They are the clear trailblazers in the plant-based gut health category with a refreshing and contemporary brand proposition that resonates with the modern consumer.”
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial