Bone broth brand Freja has secured an investment of £2m in its latest round of fundraising. The brand, which was founded by husband and wife team Jess Higgins and Ed Armitage in March 2020, has seen significant success since launch, growing at 400% per year and selling 1 million units to date.
The company’s latest funding raise attracted investment from sports figures Harry Kane and Alistair Brownlee, FMCG industry leaders Paul Polman (former CEO of Unilever) and Giles Brook (former CEO of Vita Coco), and brand founders Joanna Jensen (Child’s Farm) and Sally Preston (Kiddylicious). They were joined by institutional investors, including Active Partners, Founders Capital, Syndicate Room, and Mint Ventures.
The funds will be used to support the brand’s mission to become Europe’s leading Bone Broth brand, drive international expansion, support the launch of NPD, and bolster its team. Closed this week, it marked the second investment round for Freja, which has a revenue forecast of £6m for its current 2023/24 financial year.
Packed with protein and collagen, Freja’s broths are also a rich source of amino acids and minerals such as calcium and magnesium. The bone broth is claimed to have a multitude of health benefits, including gut health, immune system support, easing fertility and menopause symptoms, and improving skin, hair and nails.
Founder Jess Higgins said: “This is our most significant fundraise, and one we believe will not only help us accelerate our growth here in the UK, but support our international expansion, taking us one step closer to our goal of becoming the number one Bone Broth brand in Europe.
“We have had the most phenomenal start to our journey, but it’s just the beginning for us, and to have so many incredible people on board as we embark on the next phase, demonstrates the size of the exciting opportunity ahead”.
Investor Giles Brook added: “I’m delighted to join the bone broth revolution and help Ed & Jess grow Freja to its true potential. Consumers are increasingly adopting bone broth into their daily routines, and when you consider the variety of consumer needs and occasions that bone broth transcends, the projected scalability is vast. Consequently, bone broth is tipped to become a leading ‘power category’ within the next wave of consumer trends that will fuel future food and beverage market growth. I know the team will work hard to make sure Freja continues to be the No.1 brand in the category for growth and performance”.
Freja’s four-strong range (Beef, Chicken, Fish & Vegan) is available in 500ml cartons (RRP £6.99 / 2-3 servings) from its website, Ocado, Selfridges, Booths and Wholefoods.
