Ethical nutrition and supplement start-up DR.VEGAN announces £566k fundraise amidst turnover of £2m
Ethical nutrition and supplement brand, DR.VEGAN, headquartered in Winchester, Hampshire, has just announced a £566k fundraise achieved through private investors, buoyed by impressive turnover of £2m in just its second calendar year trading.
With revenue more than doubling year-on-year and exponential growth expected to continue, DR.VEGAN is one of the world’s fastest growing ethical nutrition and supplement brands. Additionally, this recent injection of capital will enable DR.VEGAN to invest further in stock, marketing, and the growth of its workforce.
Founded in July 2020 by a small team that included co-founder Gordon Lott, 49, whose background spans retail, financial services and ecommerce, including industry specific experience with Nature’s Bounty and Solgar, it was the team’s desire to ‘clean-up’ the supplements industry that originally inspired him to set-up the business.
DR.VEGAN co-founder Gordon Lott explains: “Having worked in heavily regulated industries in the past, and with experience in the supplements industry both from a business standpoint and as a keen triathlete passionate about health and fitness, I felt the industry had stagnated. Many brands, both expensive and cheap, sell formulas containing a low dosage of functional ingredients whilst also including many unnecessary additives. Additives can not only cause harmful side effects, but are also often animal-derived and provide zero health benefits. On the other hand, DR.VEGAN offers science-backed formulas containing active ingredients with zero additives, which is what each customer deserves”.
Lott adds: “We wanted to shake-up the industry through a science-led, natural approach and over-deliver on customers’ expectations. With the right supplements, consumers really can transform their health and wellness, and that’s what we set out to do. Our unique formulas are created by expert nutritionists, made here in the UK using clinically studied plant-based and naturally sourced ingredients to support your body and health goals. That means not only are they more effective and better for you, they simply do more and are better for the planet.”
Spanning ‘Body’, ‘Mood’, ‘Gut Health’ and ‘Women’s Health’, and starting with just seven formulas, DR.VEGAN’s range now includes 23 formulas. This includes their award-winning Daily Multi-Vitamin, their industry-leading MenoFriend formula, which provides relief from symptoms of menopause, and their Vegan Nights formula, providing better sleep for thousands of customers.
In creating their products, which all come in capsule form, they have focused on using ingredients in the most bio-available forms, which are more easily absorbed by the body and therefore more effective.
Co-founder Lott is keen to point out that DR.VEGAN’s products are for absolutely anyone: “If people knew how most supplements were made, I doubt they’d ever choose a non-vegan supplement again. We want to bring consumers ethical products that work, as well as bringing them nutritional clarity and inspiration. Only 10% of our customers are vegan, which doesn’t surprise us, and I think that’s because of how hard we are working to help consumers understand their diet, health goals, nutritional needs and supplements.”
DR.VEGAN’s ‘Diet Profile’ tech-led questionnaire, available through their website and designed as a ‘triage for nutrition’, takes just three minutes to complete. This questionnaire provides a window into your diet, empowering consumers to understand their diet, how it supports them, where it doesn’t, and which supplements might be right for them in as simple a way as possible.
Lott explains: “Nutrition education in the UK, like most countries, is terrible. Diabetes, obesity and malnutrition are crippling healthcare systems globally, and we’re committed to continuing to play our part in innovating and empowering consumers to improve their health through the use of technology.”
The brand now receives an average of 80,000 visitors to their website each month, which is a testament to their education-led approach. With over 260,000 products sold to date, an ever growing figure, DR.VEGAN are also committed to being efficacious in everything they do. That includes the use of plastic-free and home-compostable packaging, alongside an innovative refillable Pill Tin that comes with every customer’s first order.
While direct-to-consumer is to-date DR.VEGAN’s biggest driver of revenue, Lott also recognises the business’ retail potential, and the brand’s products can already be seen lining the shelves of independent health food stores, pharmacies and household name stores including Whole Foods Market.
It is clear they have just scratched the surface at this stage though, and Lott is excited for the future with another EIS investable raise on the immediate horizon, as well as further retail and international growth to compliment DR.VEGAN’s impressive direct-to-consumer engine.
Lott explains: “We plan to raise a further £1.5m early this year, likely again through private investors. As well as health food stores, there’s a huge opportunity in the pharmacy sector, which we are big supporters of. We also believe that sustainable, ethical, and effective supplements for all diets should be available in supermarkets everywhere for customer convenience. Our mission is to become the #1 ethical consumer wellness brand - to achieve this we have to be omni-channel.”
Lott adds: “We’re already seeing strong organic appetite for DR.VEGAN’s values, ethos and formulas in international markets. We launched in Hong Kong, Slovenia and the Caribbean last year, and we plan to launch in the USA and Germany among others this year.”
