A Perth firm which sells products made with cannabis extracts has met a six-figure crowdfunding target within days of launch.
Voyager was seeking to raise £175,000 on the Seedrs platform at a valuation of £1.3 million.
It wants funds to increase the range and distribution of its CBD products.
CBD, short for cannabidiol, is the non-psychoactive component of cannabis which is legal in the UK. It currently produces oils, soaps and “gummies” sweets.
Investors rush in
It opened up the crowdfunder on platform Seedrs in the “pre-marketing phase” on Thursday.
Before the crowdfunding campaign was visible to the public it already exceeded the target.
It has now raised £370,000, more than double its original target.
Crowdfunding to stay open
Voyager chief executive Nick Tulloch said: “We are absolutely delighted with the support we have received from investors and the confidence they have shown by backing us to such a significant extent.
“We will keep the campaign open for the time being. The additional funds raised will enable us to accelerate our plans.
“We have already brought forward our next phase of product launches and we expect to be expanding our operations in Perth very soon.”
Expanding range in growing market
Voyager already has 16 products launched and sells via its own website, as well as through several third parties and online marketplaces.
The firm operates from King James Business Centre in Perth.
With the funding from this campaign, Voyager will increase its product range and breadth of distribution as it aims to become a leading health and wellness company focused on producing high-quality CBD and hemp seed oil products.
“The market for CBD products is growing rapidly and Voyager aims to become the trusted brand in this increasingly popular health and wellness market,” Mr Tulloch added.
“The overwhelming success of our crowdfunding campaign gives us the ability to make that a reality.”
Mr Tulloch previously was the chief executive of Highland Natural Resources, which rebranded as Zoetic as part of a move to CBD products. The listed company has a market capitalisation of almost £150m.
