With its equity crowdfunding campaign set to close next week on Crowdcube, Spanish urban craft distillery, Santamanía, has successfully secured nearly £700,000 from nearly 550 investors. The initiative originally sought to raise £400,000 and quickly surpassed the initial goal within days of its debut.
As previously reported, Santamanía’s beverage products are notably sold throughout Spain and in 19 other countries in Europe, Asia-Pacific (including Australia), Canada and South America. The distillery has released over 10 products to the market and has been awarded 20 International Awards from various institutions from US, Europe, and Asia. It was revealed:
“Our bottled spirits are sold throughout Spain and in 19 other countries in Europe, Asia-Pacific (including Australia), Canada and South America. International expansion is part of our plan, and our plan is to create 4 small commercial branches to manage our expansion into these markets. Our target market demands quality over quantity – they want to drink better, not more – and this market is growing fast globally.”
Santamanía points to a solid operational record with revenue of over £528,000 in 2016 and adds that it is currently profitable. The distillery revealed it has turned down several purchase offers and could, in fact, obtain financing from other more conventional systems. Management decided to use the crowdfunding method, which aligns with the company’s philosophy, to attract more investors.
Funds from the Crowdcube campaign will be used for the following:
- Double distillery Space to around 2,000m with a bigger cellar to increase production of brown spirits (such as rum)
- A new and larger Carl Copper Still for Vodka & Gin production to increase capacity up to 2.5m liters/year
- Larger Bottling Line to increase efficiency and bottling capacity to meet expected demand
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