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InnovaDerma targets international expansion as it raises £540,000

The company has gone cap in hand to investors to fund the international expansion it mentioned last month

woman tanning her legs
Skinny Tan not only gives users a bronzed glow, it helps to reduce the appearance of cellulite

Beauty treatments developer InnovaDerma PLC (LON:IDP) is looking to kick on from its recent success in the US and has gone to the market to help fund more growth outside the UK.

Only last month, InnovaDerma confirmed that Skinny Tan had successfully entered the US markets, with several retailers opting to stock the self-tanning lotions.

The Australian firm is looking to strike while the iron is hot, and raised £540,000 through a placing of 771,000 new ordinary shares at 70p each to fund further growth into the European and US markets and enable it to meet the growing demand for its Skinny Tan self-tanning products.

“The funds raised put us in a strong position at a key stage of the company's development as we seek to grow our business in the UK and the US and meet growing demand for Skinny Tan,” said chief executive Haris Chaudhry.

Currently, Skinny Tan is made in Australia but InnovaDerma announced last month that it would be bringing a “significant part” of the production process over to the UK to help improve the supply chain.

Production in the UK is scheduled to begin next month, InnovaDerma said.

Shares closed higher at 76.1p on Thursday.

Quick facts: InnovaDerma PLC

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Price: 42 GBX

Market Cap: £11.5 m

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