A firm once backed by David Beckham which saw a second CFO resign in a year on Friday has now raised £10m in a share placing to buy Bitcoin.
In recent weeks finance chief Nicholas Lyth and non-executive director Matt Lodge had taken part in two subscription for new shares in Cel AI Plc, which began life as a CBD beauty products firm but has pivoted to GenAI-generated beauty advice, raising £750,000 to build its Bitcoin treasury.
They resigned on Friday, almost a year to the day after previous CFO Bruna Nikolla quit the firm. Executive director Timothy Le Druillenec, who had only joined the company a couple of weeks previously, also stepped down on that day.
In February 2025 Michael Edwards resigned as executive chairman, replaced by Olivia Edwards (pictured).
Edwards is among those to take part in the latest share placing, which has raised £10m and will also be used to ‘fund ongoing operations’.
“We are pleased to have the support of both existing and new shareholders as we move forward,” she said. “This funding provides us with the resources to continue growing our core business and delivering on the opportunities ahead.
“At the same time, introducing a Bitcoin treasury approach will enable us to take a forward-thinking stance on capital management, supporting long-term value creation while staying true to our belief in technology-led resilience.”
Originally focused on cannabinoid products, Cellular Goods floated in 2021 to great fanfare, with England and Manchester United legend Beckham subscribing for a 5% stake through his investment vehicle DB Ventures.
Beckham would later sell his stake in the firm, while it saw its CBD-infused food supplements withdrawn from shop shelves due to regulatory issues.
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The company was also subject to advertising bans imposed by tech giants Facebook and Google.
A huge pivot amid the rise of generative AIs such as ChatGPT saw the business rebranded as Cel AI and focus on providing tailored beauty advice and product recommendations via a chat interface, as well as skincare and wellness products.
On Friday the firm moved to appoint Elliot Fielding as CFO with immediate effect. He is currently managing partner of Sampson Fielding, a firm of chartered accountants and business advisors, and previously a director of AQSE-listed Flex Labs Inc.
Cel AI’s share price dropped below a penny in 2023 and currently stands around 0.30p (9.25am), down from 0.46p at 9am on Friday.