Plant-based energy bar challenger Tribe has returned to the crowd for a third time to help supercharge growth as demand for healthier snacking continues to rise.
The business smashed its £700k target, with more than 1,000 investors flocking to the campaign in its first week.
At the time of publishing, Tribe has raised just shy of £811k and continues to overfund, with money set to be put towards continued brand growth, NPD and expansion overseas.
The latest campaign on Crowdcube – valuing Tribe at £16.2m – marks the third public raise by the business on the platform.
A combined total of about 2,900 backers invested £1.7m in its first round in 2017 and another £1.4m in 2019, with the value of the business increasing from £5.5m to £10.2m.
Revenues have increased five-fold since the first pitch in 2017 to £2.5m in the year ended June 2022. Sales are forecast to hit £3.6m in the current year, while Tribe is aiming to grow the top line to £25m by 2026.
Its range of plant-based energy bars, flapjacks, breakfast oat sachets and recovery shakes are now stocked across more than 12,000 distribution points, including Sainsburys, Boots and WH Smith, and sold to in excess of 160,000 customers online from the DTC store.
Demand for natural energy bars made with no artificial ingredients is increasing as consumers ditch high-sugar snacks for healthier alternatives in growing numbers. Global snacking giants such as Mondelez and Ferrero have snapped up brands such as Eat Natural, Grenade and Clif to diversify portfolios as governments around the world introduce various measures to reduce intake of sugar and combat obesity.
Tribe co-founder Tom Stancliffe told The Grocer: “The market for healthy snacks is growing fast as customers and retailers are shifting away from confectionery to healthier, plant-based snacks that are high in protein and lower in sugar.
“In particular, the introduction of new HFSS regulations have presented a real opportunity for Tribe to win additional space in impulse sections of supermarkets.”
He added that Tribe’s new HFSS-compliant protein flapjacks – launched in July 2022 – had already won listings across 1,000 UK distribution points, including at Sainsburys and WH Smith, and were now the brand’s top seller.
Tribe launched in late 2015 after founders Stancliffe, Rob Martineau and Guy Hacking took part in the Run for Love event, a 1,000-mile run across Eastern Europe to help fight modern slavery.
Community and social impact continue to be at the core of the business, with more than £1.1m raised for sister charity Tribe Freedom Foundation.
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