Formulite, an Australian-owned company producing weight-loss products for bariatric care and medically necessary weight loss is looking to raise investment funds through crowdfunding to support the next phase of the business.
Since 2016, the brand’s premium range of recovery protein, soups and nutritionally complete shakes and bars has found consumer appeal in new segments, attracting customers among busy professionals, regular travellers, gym-goers and younger health-conscious consumers.
In the past financial year, the brand achieved an average month-on-month growth of 40 per cent, $2.3M in total sales, while online sales grew by 58 per cent.
From offering four flavours of meal replacement shakes at launch, the range has now grown to include shakes in five flavours, two flavours of bars, three flavours of Lupin soups and four flavours of recovery collagen protein.
Founder and CEO, Glennis Winnett said plans include enhancing the marketing for Formulite, hiring additional field representatives and product development, delving into new sectors including corporate food services and fitness.
“We’re seeing more people choosing to use Formulite as part of their daily routine, either to avoid unhealthy eating while away from home or to have a healthy, fast meal option that fits their busy schedules. We’ve designed our products to be so convenient and delicious that there’s no need for anyone to skip meals or miss out on the daily nutrition their bodies need to thrive,” said Winnett.
Before starting Formulite, Winnett worked in the health industry for more than 20 years in radiography and supporting a general and specialist bariatric surgery in Melbourne. With a strong sense of patient care and a desire to provide patients with complete nutritional care, she looked for products that could lead to better health outcomes.
However, there were no products available that were high in protein, low in carbohydrates and sugar and included pre and probiotics for gut health. Instead, she found that many of the products available contained low-cost filler ingredients such as milk powders, or came with added sugar or artificial sweeteners.
To achieve optimal results for weight management, Winnett needed a product with an ideal mix of protein, fibre, healthy fats and included all the essential vitamins and minerals.
“There was nothing available that ticked all of our boxes for patient care, so with help from a nutritional supplements expert, other dietitians and bariatric professionals, I decided to find a solution myself,” said Winnett.
Winnett found a manufacturing contact in Victoria who could produce small volumes and also happened to be a food science technologist. They partnered together on the formulation and have continued to improve it based on feedback from customers and health and nutrition experts. The products are now an exceptional and nutritionally complete weight management solution.
Since then, Formulite has been added as one of the few Very Low Energy Diet (VLED) options recommended by the Australian-based Baker Heart & Diabetes Institute. Formulite has the highest protein content of VLED products available in Australian pharmacies and is one of the few products that meet the recommended daily protein for male and female patients with a high BMI.
The locally produced shakes contain 24 essential vitamins and minerals for optimal weight management and contain no filler ingredients. They each have minimal lactose and do not use any artificial sweeteners.
“These next few steps for us will strengthen the position of the Formulite brand and set it up for a stronger future. We’re excited to find investors that are keen to support a female-led business that has a strong health story and considerable retail potential. With their help, we plan to continue developing healthier weight-loss solutions for years to come,” adds Winnett.
Formulite products are available online or through more than 325 pharmacies around Australia, including major pharmacy groups such as Chempro, Ramsay, National Pharmacies and Good Price Pharmacy Warehouse. It’s crowdfunding campaign with Birchal commenced 3 October.
