SRSLY rolls out £500K crowdfunding campaign to further develop retailing partnerships
UK company SRSLY Low Carb has announced a new distribution deal which will introduce its range of healthy, delicious, and high-quality food products into a number of major US-based supermarket retailers.
Hertfordshire-based SRSLY has signed an exclusivity agreement with Gourmet Foods International (GFI), a national specialty food distributor headquartered in Decatur, Georgia which services leading supermarket chains across all 50 US states.
The partnership has initially led to SRSLY securing a deal to supply its low carb pizza range to GFI client Harris Teeter Supermarket group, an 84-year-old retailer which currently operates over 250 stores in seven South Atlantic states and Washington, D.C.
This agreement with Harris Teeter, which is wholly-owned by one of the nation’s largest retailers, Kroger Co, opens the door for SRSLY to build much wider prominence for its brand across the US market. Kroger Co serves nine million customers daily and generated sales of around $148bn in 2022 through its eponymously-named chain and a number of other retail and supermarket groups within its portfolio. This includes subsidiary supermarket chain, Roundy’s, which is also in talks with SRSLY about stocking its product range.
SRSLY was founded in 2019 by Andy Welch, a former Ironman triathlete who transformed his love of healthy food into a business. Initially targeted at fellow endurance athletes, the market for his low-carb, high protein and healthy offering significantly expanded to include a broad range of consumers looking for tasty and nutritious options to help them lose weight, manage diabetes, and enhance their overall health and wellbeing.
The company generated £1.6m in sales in its first full year of trading without any advertising spend. Revenues rose to £2.2m in its second year full financial year amid a spike of online orders during Covid lockdown. Through an increase in online business as well as new, emerging partnerships with UK and US retailers, SRSLY is projecting revenues of £4.8m in this current financial year. This figure is forecast to more than double in 2024/25.
SRSLY’s range of products, developed by its team of nutritionists, bakers, athletes, and food enthusiasts, have won the backing of the NHS and leading health-focused charities. The company is also investing in a new 7,000 square foot warehouse in Hemel Hempstead which will further enhance its production efficiency.
To help support its global growth ambitions, SRSLY is currently embarking on a seven-figure equity investment round with Ruffena Capital. This includes a newly launched crowdfunding campaign where the company aims to raise a minimum of £500K. The funds will be focused on supporting SRSLY’s growth strategy which is centred on further developing US and UK retailing opportunities.
SRSLY founder and CEO, Andy Welch said:
“I’m delighted to announce our significant distribution agreement with Gourmet Foods International (GFI) which marks a major step forward in our global growth ambitions.
“GFI has long been a pillar of culinary excellence within the food distribution industry with an illustrious, well-established history and an extensive network covering the entire US. The company’s prestigious clientele consists of leading American retailers and food service organisations including Kroger Co, where we have secured an initial pizza distribution deal.
“This partnership is just the beginning for SRSLY within the US market as I’m confident it will open the doors for our wider product range and help us grow our presence within other major supermarket groups.
“I’m also excited about our crowdfunding campaign which enables anyone to invest in SRSLY and become part of our vision to grow a successful UK business on the back of our diverse, healthy and delicious low carb, high protein food offering.”