8 Jul 2020

Me Today announces $4.5m capital raising

1:57 pm on 8 July 2020

Health and wellness company Me Today is raising money to expand overseas and develop new products over the next year.

Me Today founders Grant Baker, Stephen Sinclair, and Michael Kerr.

Me Today founders Grant Baker, Stephen Sinclair, and Michael Kerr. Photo: Supplied

The company, which launched on the NZX in March, was raising up to $4.5 million through a sale of shares at $0.95 each.

It planned to raise $3m from large investors and up to $1.5m more through an offer to retail investors.

The shares were being offered at a 26 percent discount on the company's closing price yesterday.

The fresh capital would leave Me Today with $6.4m of cash and no debt, which positioned it for growth.

Me Today chief executive Michael Kerr said it would use the money to gain more of a share of the multi-billion dollar supplements and natural skincare industry.

"We're quite keen to raise the money to allows us to invest in above the line marketing, to continue to grow the brand, not only in New Zealand but also offshore."

Kerr says the company had plans to bring the brand to life in countries such as Australia but there were compliance costs involved with any expansion.

He said he was confident the Me Today brand could stand out in a competitive wellness industry because it had a unique brand and a range of products, from skincare to supplements.

The company will launch nine new supplements over June to September.

Kerr said it would use some of the money from the share issue to develop a range of new products.

Me Today is expecting sales for the year ending in March to be more then $2m.