Snacks firm Sogud cooks up funding plan
Sogud team: Terri and Neil Petrie with daughter Rosemary
A Scottish-South African food producer, is seeking £100,000 from a crowdfunding campaign which will offer equity to investors.
Wishaw-based Sogud, which makes a range of nutritious snacks, is raising capital through the Crowdcube platform offering a stake in its growing business in a bid to fund the next phase of its development.
Founder and director, Terri Petrie said: “We’ve invested pretty much everything that we have, and then some, into building the business.
“Now we need a significant cash injection to continue the rapid, upward trajectory of our company, which is already growing at a rate of 150% month-on-month. We can’t sustain that level of growth without an estimated investment of £100,000.
“With orders pouring in from across the UK and abroad, we need to keep building the business to meet the needs of our growing list of stockists. Having grown our distribution list to more than 80 retailers in our first year of business we need this funding to maintain this sustained expansion.”
Both Terri and husband Neil have established and built a number of businesses. Daughter, Rosie Pillinger worked alongside a number of food industry leader including Queen Margaret University and the Rowett Institute to develop the recipe, baking techniques and branding behind the nutrient-dense squares.
Sogud has received significant support from North Lanarkshire Council in locating and fitting out its small bakery unit.
Economic Development Officer Chris Wond said: “The council and Business Gateway Lanarkshire have worked in tandem to assist Sogud by providing grants and business growth advice, enabling Terri to exhibit at events such as the Royal Highland Show and invest in much-needed equipment and premises improvements.”