A Perth firm that makes products from cannabis extracts has closed a crowdfunding campaign early after raising almost £1 million.
Voyager sells oils, soaps and ‘gummies’ made with cannabis extracts.
The company initially wanted to raise £175,000 on the Seedrs platform to expand its product range.
Investors were undeterred by the Perth start-up’s £1.3m valuation.
A total of £874,000 was raised from 350 people and the crowdfunding campaign closed 35 days early.
‘Clear vote of confidence’
Chief executive and founder Nick Tulloch said: “This is a landmark moment in the growth of Voyager.
“The level of interest in this crowdfunding round far exceeded our expectations.
“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. We aim to fulfil our promise of providing liquidity to investors in due course.”
CBD, short for cannabidiol, is the non-psychoactive component of cannabis which is legal in the UK.
It is claimed to have significant health benefits, including pain relief and the reduction of stress and anxiety.
Growing market
Mr Tulloch said the market for CBD products was growing rapidly worldwide.
“There are predictions it will surpass the entire herbal supplements market to be worth £1 billion in the UK alone in the next four years,” he said.
“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.”
Some Voyager products are imported directly from the United States and labelled in Perth.
Its soaps are manufactured locally after the CBD ingredient is imported.
Mr Tulloch has spoken previously of his desire for a manufacturing facility in Perth.
He also hopes some of the investors will become customers.
The latest funding follows another over-subscribed seed funding round which saw the company attract £500,000 from investors in November 2020.
The new investment will bolster the company’s balance sheet and enable new product innovation and launches.
The company has created four new jobs at its headquarters at King James Business Centre.
