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Sport & Leisure
UK - East
Date Rated:
Valuation (Pre Money):
Industry: Sport & Leisure
Location: UK - East
Platform: Crowdcube
£1,000,000 Expansion
Valuation: £6,501,951
Date Rated: 15/05/17



Tax Status: EIS

Business Summary

TRIBE is a sports nutrition products company providing health conscious sports people natural products tailored to their training needs. TRIBE has developed over 20 natural performance nutrition products and a customer database of over 25k people in 18 months. This round of investment will be used to fund an aggressive marketing campaign, hire staff to support growth and further product development.

Financial Overview

Date (y/e) Dec-16 Dec-17 Dec-18 Dec-19
Sales Dec-16£263,700 Dec-17£1,393,800 Dec-18£6,409,500 Dec-19£17,129,300
Gross Profit Dec-16£35,000 Dec-17£610,800 Dec-18£3,150,600 Dec-19£8,584,900
GP as % sales Dec-1613% Dec-1744% Dec-1849% Dec-1950%
Overheads Dec-16£525,700 Dec-17£1,288,100 Dec-18£2,576,800 Dec-19£4,933,000
Operating Profit Dec-16-£490,700 Dec-17-£677,300 Dec-18£573,800 Dec-19£3,651,900
OP as % sales Dec-16-186% Dec-17-49% Dec-189% Dec-1921%
Closing Cash Dec-16£177,000 Dec-17£506,300 Dec-18£46,900 Dec-19£1,562,000

Note: This financial information has been sourced from the company on 15/05/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
The management team has proven that they have the right skills to grow the business and this round will enable them to further deepen their sales and product development expertise.
Although the industry is new for the Founders, they have significant commercial experience and a Chairman with deep sector expertise in fast moving consumer goods across multiple markets.
Aside from the Chairman, all of the management team are full-time and have invested significant time developing a wide range of products and growing the business.
The sports nutrition market is growing 23% per year in the UK alone and is predicted to rise to £1.1bn by 2021. Targeting Europe will further widen the business' addressable market.
The product combines natural ingredients and personalised sports nutrition plans and has built a customer database of over 25k people in 18 months.
TRIBE's differentiated product, strong branding and direct sales model has given them a head start but they need to invest heavily now to avoid being overtaken by larger players.
The team have built a detailed financial model with a clear understanding of their expected cost of acquisition, expected churn and lifetime value, based on their experience to date.
Although the company has little headroom, subscriptions provide an attractive revenue model and overfunding in this round would help TRIBE reach break-even and cover any shortfalls.
Despite the high entry valuation if the planned expansion is delivered, strong returns can be expected in 5 years. Investors will also enjoy a 15% lifetime discount on TRIBE products.


TRIBE has developed a differentiated sports nutrition product and achieved strong brand awareness in a short space of time and the current round should allow it to further accelerate growth. If it can execute its marketing strategy and attract over 50,000 active paying subscribers it should not only be generating meaningful profits but represent an attractive acquisition target.

We welcome the fact that the campaign is already over-funding as financial headroom at a £1m raise was very limited and left little room for error on overheads or marketing performance.

Related Links

Crowdcube Pitch


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