- Funds set to drive international expansion, NPD & new hires
- Harry Kane & Alistair Brownlee join high profile industry investors
Bone broth brand, Freja, today announces a new £2m fund raise. 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 raise, which signals the increasing recognition of Bone Broth as a foundational nutritional product, has attracted investment from high profile sports figures Harry Kane and Alistair Brownlee. The raise sees FMCG industry leaders Paul Polman (Unilever) and Giles Brook (Innocent & Vita Coco), and brand founders Joanna Jensen (Child’s Farm) and Sally Preston (Kiddylicious), investing alongside institution investors including Active Partners, Founders Capital, Syndicate Room and Mint Ventures.
The funds are set to fast-track the brand’s mission to become Europe’s No.1 Bone Broth brand, driving international expansion and supporting the launch of NPD, as well as bolstering the team. Closed this week, this is the second investment round for Freja, which has a revenue forecast of £6 million for the current financial year (2023-2024).
On a mission to bring back bone broth as a household staple, Freja prides itself on a product range that is made from entirely natural ingredients, with a delicious homemade-style flavour, and a convenient 24 month shelf-life. Packed with protein and collagen, the broths are a rich source of amino acids and minerals such as calcium and magnesium. Bone broth is sought after by wellness-focused consumers for a multitude of health concerns, including gut health, immune system support, fertility and menopause symptoms, and by beauty consumers for improving skin quality and strengthening hair and nails thanks to the rich collagen content of Freja bone broth.
Investor Harry Kane says “The natural health benefits of bone broth are undeniable and as someone with a keen interest in health and nutrition, Freja felt like the perfect investment opportunity for me. It’s clear that bone broth is a growing trend that’s here to stay and I’m delighted to be on the journey with such an exciting brand and one that’s leading the category”.
Founder Jess Higgins says “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 says “ 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”.
The investment news follows a strong start for Freja, with bone broths set to drive category growth in the UK at 10x the rate of the overall £130m Bouillon category which grew just 4% between 2015-2020*( Euromonitor). The four-strong range (Beef, Chicken, Fish & Vegan) is available in 500ml cartons (RRP £6.99 / 2-3 servings) from frejafoods.com, Ocado, Selfridges, Booths and Wholefoods.
Find out more at frejafoods.com