Wednesday, May 29, 2024

A drink for your journey? TRIP’s £10m fundraise

£10 million of investment has been secured by Trip CBD, a UK-based CBD drinks and oils brand, in its latest funding round according to a company announcement.

The first half of 2022 has produced revenue growth of over 500% year-on-year, according to TRIP, fuelled by online activity. If you are in the UK making holiday plans and search with the word ‘trip’, the first result to pop up won’t help you organise your journey, but instead offers you drinks and CBD oil…

According to a statement from the brand, “TRIP has been a viral sensation, drawing in millions of fans, attracting the most organic search traffic of any CBD Drinks brand globally (source: Semrush). The viral nature of the brand’s popularity quickly became evident in search engines where it outpaced travel companies as the number one ranked search result for the word ‘trip’ across Europe.

“TRIP has generated a truly people-powered movement, whereby consumers have become proud brand ambassadors, authentically sharing stunning UGC and their positive experiences on their social channels, dramatically increasing brand awareness which helped 4x D2C in the first half of 2022.

“TRIP’s growth has primarily been driven by this viral organic sharing by their community. In fact, 94% of TRIP’s consumers have recommended TRIP to someone else.”

The company claims 88% of the UK CBD drinks market, and is stocked in over 11,000 stores, up from 7,000 in April 2022. These include Sainsbury’s, Holland and Barrett, Liberty and Selfridges; TRIP supplies drinks to private members club Soho House.

Two of Trip’s key investors are Christian Angermeyer (Apeiron Investment Group) and Maria Raga (former CEO of Depop). Commenting on the latest fundraise, Ms Raga says, “The world leading brands of tomorrow have incredible products, relatable and aspirational brands and cult communities that love them.  TRIP is doing just that and changing the game for daily wellbeing.”

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