A former chairman of THG and CEO of the Co-operative Group has taken part in a £6.2m investment into a personalised nutrition platform.
Richard Pennycook has backed London-based Vitl which was founded by Jonathan Relph and launched in 2015.
The funding round was led by Ornament Health AG, a Swiss-based health-tech investor, while the company is also backed by Samos Investments, Nogra Pharma Ltd and C4 ventures.
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Mr Pennycook was CEO of the Co-operative Group from 2013 to 2017 and chaired THG (then known as The Hut Group) from 2013 to 2019.
He has also held roles at the likes of JD Wetherspoon, Welcome Break and Morrisons.
Mr Pennycook is currently chairman of Boparan Holdings.
Vitl has secured listings in over 2,000 stores in the past year, including Sainsbury’s, Boots and most recently, Holland & Barrett.
Mr Relph said: "We’re delighted with the closing of an oversubscribed investment round and the further commitment of existing and new investors. It allows us to continue to expand our product range and distribution at a time when nutrition and wellness has become more relevant than ever.
"The pandemic reminded us all how important our health is and with our personalised products, on the shelf range and at home tests, we hope to help even more people optimise and personalise their nutrition."
Snezhana Gurina, executive director of Ornament Health AG, added: "Ornament is based on the ideologies of preventative medicine and individualized approach for each user.
"These principles are similar to those which Vitl are based on. For that reason, we are delighted to help contribute to the brand's growth and development."
