Sports nutrition products tend to be aimed at a young demographic but athletes in the over-35 category need looking after too. Donal Hanrahan and Len Dunne ran with the idea of creating a sports nutrition company catering to this older cohort, launching Elivar in 2013. The startup now sells 17 products in its range, comprising energy drinks, powders and accessories that are sold in Ireland and overseas.

Hanrahan’s career included senior roles in the telecoms and software sectors, while Dunne worked in the drinks and toy industries. “We met while at college in Trinity, through our involvement in the boat club, and remained friends after college,” says Hanrahan (46). The two entrepreneurs, who rowed at international level, kept up an active lifestyle but struggled to find sports nutrition products for their age group.

“Chatting the situation through with Len led to some market research that suggested there were a sizable global market of people over 35 who were not being served by the current products on the market,” says Hanrahan.

Food Scientists

Researching the science behind effective nutrition, the Elivar founders worked with Dr Giles Warrington’s team in DCU and Dr Sharon Madigan, a member of the Irish Olympic team for London 2012. “It took about 12 months working with food scientists to identify premium ingredients that could deliver the benefits we were seeking and develop some great flavours.”

Elivar, which is based in the Guinness Enterprise Centre in Dublin, has had no problem on the funding front, with over €870,000 invested in the firm, including €200,000 from Enterprise Ireland. Accounts for 2013 show a startup loss of €106,000 and the company had cash reserves of €180,000 at year-end and a debtor book of €208,000.

In Association with

“Early R&D was funded from our own resources with grant assistance through the Food Works programme,” Hanrahan explains. “Angel investors – including family and friends and the Halo Business Angel Network – came on board before launch and we were also successful in securing Enterprise Ireland HPSU funding.”

Elivar’s novelty was a clincher for the firm’s many investors, says Hanrahan. “There are many things that investors look for but at the core you have to have something unique, whether that’s a product or business model, and it must be in a market large enough for it to matter.

Export Focus

“Elivar was established to be a scalable export business from the beginning. The UK is our largest market, accounting for over 70% of sales. We have solid sales in Ireland too and have seen some early sales into Holland, Spain and France.”

Elivar teamed up with Chain Reaction Cycles to sell its products online, and in Ireland bike stores account for most of the firm’s stockists. Hanrahan says that the business is on target to be in over 100 retail outlets in the UK and Ireland by the end of 2015. Elivar employs four people and, like other startups, has had a range of challenges to negotiate. “You just need to get on and get over whatever the next challenge is going to be,” says Hanrahan.

Elivar founders Donal Hanrahan (right) and Len Dunne