Series A also backed by former Holland & Barrett CEO Tony Buffin as Get A Drip step up franchise rollout, solidifies service offering expansion plans, and sets sights on a new HQ in a bid to further democratise the health and wellness industry.
Born out of and now also headquartered in Letchworth, Hertfordshire, Get A Drip, the UK’s leading provider of intravenous nutrition therapy, has announced a $4.5m (£3.74m) Series A fundraise led by Nigel Wray, former chairman of Saracens Rugby Club, best known for his investment in Domino’s Pizza, one of the UK’s most successful franchise-based businesses of the last 25 years.
The raise, which has also garnered investment from former Holland & Barrett CEO Tony Buffin, will see Get A Drip further drive franchise expansion with plans to launch a further 28 clinics in the next 3-12 months, a brand-new flagship clinic on King’s Road in Chelsea one of five new clinics scheduled to open across London as part of the wider rollout across the UK and Europe, and into North America, the Middle East and in Australia. The five new clinics to come in London will complement an existing portfolio of seven London clinics (4 bricks and mortar & 3 mobile), with the ability to deliver treatments to anyone within the M25 from the comfort of their own home.
The idea behind Get A Drip was inspired by founder and CEO Richard Chambers who in 2010 on his 18th birthday was diagnosed with type 1 diabetes. Three years later, Richard was rushed into intensive care after suffering from complications, a journey which proved to be the start of a seven-year period in and out of the hospital due to a weakened immune system.
It was his time in the hospital, overwhelmed by the benefits of IV treatment as a major factor in his recovery, that acted as the catalyst for setting up the business. Determined to provide a more accessible alternative, the treatments not just available in hospitals or for the super-wealthy, Get A Drip this year announced a turnover of £2.65m for 2021/22, with network sales projected to rise to £10m this tax year.
In addition to its expansive franchise rollout, Get A Drip will use the funding to expand its service offering considerably, with cryotherapy, ozone, hyperbaric oxygen and red-light therapies among ground-breaking technologies to come.
As per their current extensive offering of market-leading vitamin drips, vitamin injections and diagnostics, the new technologies will match industry-leading standards and provide the highest-quality service on the market as Get A Drip look to further democratise the health and wellness industry.
This month marking five years since the business’s inception, the raise also sees Get A Drip complete on a 5,000-square-foot new HQ in Letchworth which it is anticipated will bring up to 40 new jobs to the area in the next two to three years.
Expressing his excitement in announcing the Series A funding, Get A Drip CEO and founder Richard Chambers, 33, explains: “When I set up Get A Drip five years ago the goal was to democratise the IV Drip space having felt the benefits first-hand. To now be at a point where we’re looking even further beyond that, and at how we can make a whole suite of health and wellness technologies more accessible to consumers to improve their wellbeing is really exciting.”
Richard adds: “To have investors with the experience of Nigel and Tony on board shows how far we have come in a short space of time, and their support and advice will no doubt only further our ambitious growth plans, building out our franchise portfolio and driving the business forward. I also cannot wait to open our new HQ in Letchworth in giving back to the local community where I live and grew up.”
News of the investment comes at a time when the wellness market is valued at a growing $4.4tn, the IV therapy & vein access markets and supplements markets valued at $54.9bn and $163.9bn respectively, to which point lead investor Nigel Wray, comments: “When I first invested in Domino’s there were only 72 stores in the UK while there were over 4,000 in the US, so the potential was clear. Get A Drip presents an equally clear growth opportunity as there are now over 3000 vitamin drip or injection clinics in the US but considerably fewer here in the UK.”
Nigel adds: “Looking at the research we know over a third of the UK population supplement their diet with daily vitamins too, so the market is there. I think there’s huge untapped potential in the way in which Get A Drip are democratising wellness services to open up accessibility beyond the super wealthy and in hospitals. The business’ growth to date has been impressive and I’m looking forward to working with Richard and the team to help them continue on this path in the long-term.”
Already with more than 35 medical professionals having administered over 40,000 vitamin drips and intramuscular (IM) booster Shots, and seven ground-breaking clinics now open across London, Dublin and Rotterdam, as well as six mobile clinics servicing anywhere within the M25, the North East and the South East of England, Richard reiterates his excitement for the future:
“Our vitamin drips provide an alternative, more efficient and cost-effective way for people to supplement their diet to meet the extensive list of vitamins and minerals required to maintain optimum bodily function, and this raise furthers our commitment to delivering the very best health and wellness treatments to consumers, available at the most accessible price points, in the long-term.”
Featured Photo by Get A Drip
