Voyager, the Scottish health and wellness company supplying Cannabidiol (CBD) and hemp seed oil products, has closed a crowdfunding round after attracting substantial investor interest.
It raised £874,000 from around 350 investors, representing an oversubscription of approximately five times its initial target of £175,000.
Voyager was the first multi-product CBD company in the UK to complete crowdfunding – and what was expected to be a 40-day funding period was closed on day five due to demand from investors on Seedrs.
The latest investment secured will help bolster the company’s balance sheet and drive new product innovation and launches.
Voyager has also created four new jobs at its headquarters in Perth.
This latest raise follows another over-subscribed seed funding round, which saw the company make £500,000 in November.
Voyager has 16 products already launched, seven more scheduled for release during April and further product roll-outs planned in the run up to summer.
The products are available on Voyager’s website, as well as 25 third-party sites, including Amazon, eBay and Etsy. It is also working towards signing up physical stores as Covid-19 restrictions ease in the UK.
In February, the company launched VoyagerLife, a range of beauty and skincare products, almost doubling its product range and opening up new market segments.
Founder and chief executive Nick Tulloch said: “The level of interest in this crowdfunding round far exceeded our expectations, and it is a clear vote of confidence in our high quality and trusted CBD products.
“The market for CBD products is growing rapidly worldwide, with predictions it will surpass the entire herbal supplements market to be worth £1bn in the UK alone in the next four years.
“As the industry becomes subject to greater regulation, Voyager is doing all it can to ensure our products are of the highest standard and comply with the latest UK Food Standards Agency regulations.”
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