Srsly Low Carb is readying itself for further export growth and range extensions after surpassing its crowdfunding target by more than a third.
The ketogenic food brand was originally looking to raise £200k via crowdfunding platform Seedrs, launching its campaign in late September. Upon its conclusion on 31 October, however, a total of £274,197 had been pledged by 331 backers, representing an 37% surplus on its goal.
Srsly Low Carb had already secured £500k in funding from the East of England Regional Loan Scheme back in April to support ongoing product development, enhancement of sales and marketing initiatives, packaging innovation, and recruitment of new staff.
The business described its latest bridging investment as ‘promising’, adding that it is now financially primed to deliver against ambitious short to mid-term growth plans. This includes underpinning the brand’s ‘everyday appeal’ via next stage product innovation, extending its B2C stewardship in low carb excellence, and building upon its recent US retail launch.
“With 70% of individuals actively seeking out healthier alternatives [according to Statista data] and healthier living season (January) almost upon us, the arrival of new funds will allow Srsly to enhance both its team and operational make-up to underpin its status as a leading low carb evangelist,” said Srsly Low Carb founder and CEO Andy Welch.
The company’s range of low-carb products – including bakery goods such as bread, rolls, wraps, and pizza – is said to target any ‘nutritional savvy’ individual seeking to lose weight, manage diabetes or improve their health and wellbeing status without short-changing their taste buds.
Srsly Low Carb claims to have made £6.5m in revenue since launching in 2019, and currently operates a production site in Hemel Hempstead. Company highlights this year include revamping its brand identity; extending its reach into jams, condiments and ready meals; becoming an approved NHS supplier; and securing an exclusivity agreement with Gourmet Foods International, which services numerous supermarket chains across all 50 US states.
Another example of a successful crowdfunding campaign from a UK bakery business in 2023 was Project D, with the Derby-based doughnut specialist raising 31% more investment than its £400k target.