Core150 signs £1m sports bottle deal with Tiger Global
Startups 100 company founder Michael Devlin will continue involvement with digital marketing while working on new venture Profits Engine
Glasgow entrepreneur Michael Devlin has sold the intellectual property rights and patents for his Startups 100-listed company Core 150 to Tiger Global, which makes the company’s specialised sports bottles in China.
Launched in 2012, Core 150’s sports bottles allow athletes to carry a range of protein supplements in three interior trays, which can be mixed with water. Devlin had the idea after transporting containers of sports nutrition supplement that he had developed with US partners.
Over the last three years, the company claims to have sold around 320,000 bottles around the world with revenues of around £400,000 for 2014. After signing early licenses in Australia and South Africa, Core 150 has built up a network of distributors in a range of countries including the US and New Zealand.
Following “significant interest” from retailers in stocking the sports bottles, Devlin said he decided to sell the rights to cope with the large funding commitment required by large scale manufacturing.
The founder has said he will continue to focus on the marketing side of the operation while working on his new online venture, the Profits Engine, which intends to help small businesses grow their sales through the internet and social media. The idea has already been granted £137,000 investment from a software developer.