Voyager which was set up to supply high-quality cannabidiol (CBD) and hemp seed oil products, said it had raised almost five times its initial crowdfunding target of £175,000. It follows February’s news of a highly successful pre-marketing phase for the fund raise.
The business was founded last year by Nick Tulloch, former chief executive of Zoetic International, the first CBD company listed on the London Stock Exchange.
He said: “This is a landmark moment in the growth of Voyager. The level of interest in this crowdfunding round far exceeded our expectations, and it is a clear vote of confidence in our high quality and trusted CBD products. Our new funders have bought into what we believe will be an exciting journey, and we aim to fulfil our promise of providing liquidity to investors in due course.
“The market for CBD products is growing rapidly worldwide, with predictions it will surpass the entire herbal supplements market to be worth £1 billion in the UK alone in the next four years.
“As the industry becomes subject to greater regulation, Voyager is doing all it can to ensure our products are of the highest standard and comply with the latest UK Food Standards Agency regulations,” he added.
What was expected to be a 40-day funding period was closed on day five due to the strong demand from investors on the Seedrs platform.
Voyager has 16 products already launched, seven more scheduled for release during this month and further product roll-outs planned in the months ahead.
The products are available for sale on Voyager’s website, VoyagerCBD.com, as well as 25 third-party sites, including the likes of Amazon and eBay.
The firm said it was also working towards signing up physical stores as coronavirus restrictions ease in the UK.
The investment secured in the latest crowdfunding round will bolster the company’s balance sheet and enable new product innovation and launches, building on both the Voyager and VoyagerLife beauty and skincare brands. The firm has also created four jobs at its headquarters in Perth.