Dr. Vegan lands private funding to catapult plant-based supplement brand
19 Jan 2023 --- UK-based “ethical nutrition” and supplement brand Dr. Vegan is expanding its reach following an injection of private capital valued at £566,000 (€646,000).
The company reports exponential growth for the brand, focusing on clean label formulations with improved bioavailability from vegan sources.
“If people knew how most supplements were made, I doubt they’d ever choose a non-vegan supplement again,” says Dr. Vegan co-founder Gordon Lott.
“We want to bring consumers ethical products that work. Only 10% of our customers are vegan, which doesn’t surprise us, and I think that’s because of how hard we are working to help consumers understand their diet, health goals, nutritional needs and supplements.”
Innova Market Insights reports that the plant-based category is continuing to grow, and the supplement category is no exception. Supplements and sports nutrition products have seen 26% average annual growth between 2016 and 2020, notes the market researcher.
Dr. Vegan supplements come in plastic-free and home-compostable packaging, alongside an innovative refillable Pill Tin that comes with every customer’s first order.Plant-based health Dr. Vegan’s revenue has more than doubled year-on-year, reaching £2 million (US$2.5 million) in turnover in its second calendar year. Robust growth comes as consumers show increasing interest in animal-free and clean label supplements.
Innova reports the most growth in health products with a plant-based claim was from sports nutrition powders, followed by bars. But supplements are also a top area for development.
Last year, Lonza announced it was shifting its focus to more premium ingredient production, such as its vegetarian, cleaner label capsules, which saw a jump in demand since the COVID-19 crisis.
Brands are stepping in to fill gaps in the budding plant-based supplements market. Earlier this month, Future Kind unveiled a vegan prenatal vitamin responding to the needs of a niche demographic.
Dr. Vegan’s range today includes 23 formulas spanning the categories of body, mood, gut health and women’s health.
More innovation needed?
Lott, who comes from experience working with supplement brands Nature’s Bounty and Solgar, says he was inspired to launch the brand as he felt “the industry had stagnated.”
“Many brands sell formulas containing a low dosage of functional ingredients while also including many unnecessary additives,” he says.
“Additives can not only cause harmful side effects but are also often animal-derived and provide zero health benefits.”
Dr. Vegan co-founder Gordon LottDr. Vegan offers science-backed formulas containing active ingredients with zero additives, adds Lott. The company also stresses using ingredients in their most bioavailable form, which are more easily absorbed by the body.
Omni-channel attention
Dr. Vegan is also growing its consumer base by integrating digital tools into its business model.
The company’s Diet Profile questionnaire takes three minutes to complete and helps provide a window into the consumer’s diet. It empowers them to understand their diet, how it supports them, where it doesn’t and which supplements might be right for them.
Lott explains: “Nutrition education in the UK, like most countries, is terrible. Diabetes, obesity and malnutrition are crippling healthcare systems globally, and we’re committed to continuing to play our part in innovating and empowering consumers to improve their health through the use of technology.”
While direct-to-consumer is, to date, Dr. Vegan’s biggest driver of revenue, Lott also recognizes the need to go omnichannel.
“We plan to raise a further £1.5m (€1.85) early this year, likely again through private investors. We believe that sustainable, ethical, and effective supplements for all diets should be available in supermarkets everywhere as well as health food stores and pharmacies.”
Lott says that the company is seeing a strong organic appetite for Dr. Vegan’s ethos and formulas in international markets. We launched in Hong Kong, Slovenia and the Caribbean last year, and we plan to launch in the USA and Germany, among others, this year.
By Missy Green
