Turning to the crowd for the second time, Good & Proper Tea recently launched an equity crowdfunding campaign on Crowdcube to raise £140,000 for expansion. The UK startup first appeared on rewards-based platform Kickstarter back in October 2012 and took home £14,682. This amount has helped the company create its website and new tea products.
Good & Proper Tea has dubbed itself as a brand that sources exception tea from another world. It custom-brews all of its tea to bring out the best possible flavors in each of the customer’s cup. The company also provides all of its tea in packs to take home, as well as the tools to brew them.
Revealing why they decided to turn to Crowdcube for funding, the Good and Proper Tea crew wrote:
“Following our launch in late 2012 thanks to a successful Kickstarter campaign, we are delighted to be now seeking investment to open our first Tea House, the first step towards realizing our mission of providing tea-drinkers with the quality & variety out-of-home that we feel has until now been exclusive to coffee.”
Funds from the Crowdcube campaign will go towards the following:
- Start-up cost for opening two stores (one flagship site & one kiosk)
- Investment in new & improved e-commerce platform, marketing and PR, operational infrastructure, recruitment of key personnel, working capital
The Good & Proper team then added:
“We are committed to building a sustainable business that will take tea into a new space for the long-term. We also passionately believe that there is huge potential within the tea market above and beyond our current focus, for a brand that can be trusted and known for its commitment to quality. We will be working hard to bring that potential to life and hope that our shareholders will join us on that journey but would be looking to offer investors an exit after 3-5 years, likely via a trade sale. Despite being still very much in our infancy, we have already had engagement with both market-leaders in the US & UK tea markets, as well as competitors in the UK.”
Since its launch earlier this month, the Good & Prosper Tea’s Crowdcube initiative has successfully raised over £141,000 from 85 investors. The project is set to close at the end of June.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!