The funding – including investment from Yeo Ventures, Crowdcube and private investors – will support the company’s continued growth as it looks to make seven new senior appointments.
As part of the funding round, the company has appointed a new chair in the form of Steve Rich, the former managing director of FulFil who led its sale to Ferrero for £140m in 2022.
An industry veteran with more than 20 years’ experience within the fast-moving consumer goods industry, Rich spent a large portion of his food and drink career with chocolate maker Cadbury and its owner Mondelēz International.
Commenting on the funding round, TRIBE co-founder Tom Stancliffe said: “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 products are all vegan, gluten-free and contain only natural ingredients.
Its products are stocked at major supermarkets and health food stores such as Sainsbury’s, Tesco, Waitrose, the Co-op and Morrisons. Last year saw the company achieve revenues of £4m, with ambitions to reach more than £20m in 2027.
Rafael Joseph of Mercia Ventures added: “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.”
TRIBE’s latest funding round followed the launch of its new ‘Protein + Focus’ range with lion’s mane mushroom.
Christopher Gale, investment manager at Yeo Ventures, said: “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.”
Meanwhile, food and drink firms were among 25 business that received a share of a £51.9m Government grant to help emissions-cutting projects in the UK.
