UK-based snack brand raises A$4.7m from Mercia Ventures

TRIBE, a UK-based energy snack brand, has secured £2.4m ($4.71m AUD) in a funding round led by Mercia Ventures. The funding will fuel the company’s expansion and support the hiring of seven senior executives.

Transaction snapshot

• Deal value: £2.4m ($4.7m AUD)

• Deal multiples: N/A

• Deal type: Equity investment

• Investors: Mercia Ventures, Yeo Ventures, Crowdcube, private investors

The funding coincides with TRIBE appointing Steve Rich as its new chair. Rich, a seasoned industry expert, previously led FulFil’s sale to Ferrero for £140m ($274.9m AUD) in 2022. His career spans over 20 years in consumer goods, including senior roles at Cadbury and Mondelēz International.

TRIBE’s co-founder Tom Stancliffe highlighted the partnership with Mercia and Yeo Ventures as a pivotal step for the brand’s growth, citing Rich’s expertise as a valuable asset to the board.

Founded in 2015 by Robert Martineau and Tom Stancliffe, TRIBE produces vegan, gluten-free, and natural energy snacks. Its products are stocked in major retailers, including Tesco, Sainsbury’s, and Waitrose. In 2022, TRIBE generated £4m ($7.9m AUD) in revenue, with ambitions to exceed £20m ($39.3m AUD) by 2027.

Christopher Gale, investment manager at Yeo Ventures, praised TRIBE’s focus on health-conscious consumers and its position within the rapidly growing healthy snacks market.

The funding follows TRIBE’s launch of its ‘Protein + Focus’ range featuring lion’s mane mushroom. This aligns with consumer trends favouring minimally processed, healthy alternatives.

Separately, TRIBE and other food businesses recently shared in a £51.9m ($102.0m AUD) UK government grant aimed at reducing emissions in the sector.