Premium liquid supplements specialist YourZooki has secured a £1.6m funding facility with Metro Bank.Advertisement
The independent business, co-founded by Marcus Mollinga and Jack Morrison, is headquartered in Preston, Lancashire in Garstang Road – opposite Moor Park.
This comes as it looks to accelerate its expansion into North American markets.
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The new funding comes as revenues have trebled in the previous twelve months, with online demand rising 750 per cent during the coronavirus pandemic.
The funding will allow YourZooki to scale up its international distribution network, after signing a recent contract for US and Canadian market entry with GNC (General Nutrition Centre).
Metro Bank’s backing is the third round of investment secured in just under 12 months by YourZooki.
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In August, it received a £950,000 funding package from Investec, and underwent two funding rounds totalling £300,000 with the Lancashire County Council Rosebud Fund, managed by GC Business Finance.
This allowed YourZooki to significantly expand its Blackpool and Preston-based production capabilities, after demand soared during the pandemic.
The Metro Bank funding is comprised of an £800,000 Coronavirus Business Interruption Loan (CBIL) and an £800,000 invoice financing facility.
In 2021 YourZooki will be rolling out a number of new products within the US and UK including Hydrolysed Marine Collagen, Vitamin D3 and Probiotics supplements.
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Marcus Mollinga, co-founder of YourZooki, said: “2020 was obviously a demanding year for many businesses, but we were fortunate to be able to scale up quickly and enjoy incredible growth as a result of market conditions brought on by the pandemic.
“There have been noticeable shifts in consumer behaviour towards prioritising health and wellbeing, and with it an increase in demand for more effective and enhanced supplements than the traditional pills and powders.
“Our sales have risen considerably as a result, and Metro Bank’s funding will enable us to meet this increased demand, grow our operations and concentrate on our US and Canadian expansion.
“The bank’s backing has been crucial to ensuring we’re primed for this next phase of growth, with new product launches and listings in the pipeline and an exciting year on the horizon.”
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