Science in Sport (SiS) has raised approximately £15.0 million before costs through the issue of up to 21,425,420 new ordinary shares at an offer price of 70 pence (£0.70) per share.
The company added that the net proceeds will be used by SiS to invest within the following markets/regions ‘to increase brand awareness, support working capital requirements and to develop distribution in online and traditional sales channels’:
- the US sports nutrition market, specifically to support online distribution;
- the football market; and
- the Italian sports nutrition market.
In addition to the above, the balance of the net proceeds ‘will be used to fund working capital needs of the company, as well as supporting further investment in brand awareness and development of [the SiS] e-commerce platform in the core UK and EU business’.
Commenting on the latest round of fundraising, SiS CEO Stephen Moon said “Science in Sport has quickly grown to become a leader in endurance sports nutrition for elite athletes, but our ambition is to capture a much bigger market share and to expand internationally beyond our now profitable core business.
“The US market and football present highly compelling growth opportunities, and the new funds will allow us to implement our plans to increase our position and brand awareness in these markets, as well as invest in the development of our e-commerce platform.
“We are delighted with the level of support from existing shareholders and new investors, which has been demonstrated by the significantly oversubscribed placing. We believe this is a great endorsement of our strategy and path to profitability and we look forward to updating the market on our progress in due course.”
Since 1992, SiS has supplied endurance nutrition products to Olympic and world champions, Tour de France winners and amateur athletes.
SiS products are manufactured in the UK at the company’s Innovation Centre in Lancashire. All SiS products are Informed-Sport tested and accredited. SiS worked closely with the HFL anti-doping laboratory to d’evelop a world class evolved three-pronged testing system to minimise the risk of product contamination’.
