Vitadrop lines up pledges worth $3.2m ahead of capital raise
Make us a preferred source
Make us a preferred source on Google
The news: Hydration supplements company Vitadrop has secured pledges weeks ahead of a scheduled capital raise on digital investment platform VentureCrowd.
The numbers: The Melbourne startup announced it had secured expression of interest (EOI) pledges worth $3.17 million.
The capital raise will be used for domestic growth as well as global expansion plans into New Zealand, Hong Kong and the Middle East by mid-2024, and the UK market in 2025.
The context: Vitadrop, which manufactures its products in Melbourne and Queensland, has launched 11 products across 2,500 retailers including Coles, Coles Express, and Woolworths.
The range includes multivitamin and electrolyte drinks as well as botanical mix and hydrating gels. The company is backed by other health and wellness industry innovators including entrepreneur and e-Commerce influencer Gretta Van Riel.
The source: Vitadrop media release
