A Cork-based supplements group has raised €6.7 million in its latest funding round.
Solvotrin Therapeutics, which manufactures a number of ‘active iron’ products, is now valued at €45 million.
Investors in the funding round include London-based RAB Capital and existing investor Elkstone Ventures. RAB Capital founder Michael Alen Buckley will join the board as vice-chairman.
Solvotrin, headquartered in Little Island, County Cork, said the fundraising will support the continued expansion of the Active range in international markets including the United States, China, India, and the Middle East, as well as progress the development of its pipeline technologies which will be subject to specific additional fundraising in the coming years.
The group’s supplements are currently sold in a number of EU countries, the US, China, and New Zealand, as well as globally through Amazon.
Despite the impact of Covid-19, the group said it is on target to deliver 40% turnover growth in 2020, with 50% growth in the UK.
Pat O’Flynn, CEO of Solvotrin Therapeutics said despite the challenges of the pandemic, the group was able to attract new funding due to “the strength of our range of products and the strong re-order rates that we are experiencing in markets around the world.”
“The Active Iron range is on sale in 10 markets across four continents and it is planned to significantly expand in these markets over the next two years.
"This funding will not only support that development but also help to drive forward our research-led product development,” he said.
A Trinity College Dublin (TCD) spin-out and Enterprise Ireland High Performance Start-up, Solvotrin Therapeutics now has a team of 20 people with an R & D team located in Trinity College Dublin.
Several well-known business figures including Anne Heraty, chief executive of CPL Resources; David Power, co-founder of Paddy Power; and Right Price Tiles’ businessman Chris Dineen have previously invested in the company.