Bone broth brand Freja has announced a new £2m fund raise. The brand, which was founded by husband-and-wife team Jess Higgins and Ed Armitage in 2020, has seen significant success since launch growing at 400 per cent per year and selling one 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. It 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.
“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,” said Founder Jess Higgins. “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 Harry Kane said:“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".
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 four per cent 2015-2020. The four-strong range (Beef, Chicken, Fish & Vegan) is available in 500ml cartons (RRP £6.99 / 2-3 servings)
