The Naked Collective has hit £5.3 million in its latest fundraising round, using it to fund further US expansion.
The Irish health drink startup announced that it intends to increase its presence in the American market following success in several states, including California and New York.
Co-founder Niall Phelan is set to move to the US on a permanent basis to help facilitate the manufacturer’s growth.
The investment exceeds the company’s original target of £4.2 million, which Phelan said is “yet further proof of the increased consumer demand for serious health and wellness products.”
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The news follows the Naked Collective’s expansion across the international market in the last year with its drinks Mude and So.Beer.
The company currently has over 4000 stockists in countries including Northern Ireland, Canada and Italy.
According to the drink’s producer, it is set to launch its products in over 5000 stores by Spring 2022.
“We knew from the outset that there was a market for a brand like ours, but to have that substantiated by investors and industry leaders is just another great milestone,” Phelan said.
“Having only launched just over a year ago, and in the face of several challenges, we are immensely proud of how The Naked Collective has fared thus far.”
Co-founder Catherina Butler added: “We are already enjoying impressive growth across all our key markets.
“This is testament to the growing appetite for carbon neutral, healthy, all-natural drinks like ours.”
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