Syndicate helps sports nutrition firm raise €700k

Irish-founded sports nutrition company Elivar has raised €700,000 from a number of sources, including the first investment made by a new syndicate specifically aimed at the food sector.

The company makes sports nutrition products for athletes over the age of 35 and counts Ireland and Britain as its main markets.

It is receiving the funding via the Halo Business Angel Network’s newly created food syndicate, Enterprise Ireland, and other private investors. The investment will enable the firm to boost its staff size by 10 by the end of next year — enhancing its skills base in the areas of e-commerce, production, food science, marketing, and finance.

Elivar was founded by former international rowers Donal Hanrahan and Len Dunne two years ago and is looking to expand its sales channels across mainland Europe, where it already exports to Germany, France, Belgium, Italy, and the Netherlands.

Mr Hanrahan said: “While our initial funding was required to bring Elivar to market, the HBAN Food Syndicate investment also provides us with the active support of some of Ireland’s leading food entrepreneurs.

“In the long term it is their combined experience which will help us develop Elivar to its fullest potential as a successful Irish food company operating in a global marketplace.”

Elivar’s niche of targeting athletes aged over 30 was a key attraction for the food syndicate. Its co-founder Alison Cowzer, of investment firm The Company of Food, said the syndicate is now seeking further business angels to join and add to the funding available for food-related start-ups.