With less than 24 hours until its popular equity crowdfunding campaign is set to close on Crowdcube, Spanish urban craft distillery, Santamanía, has raised more than £980,000 from over 800 investors. The distillery’s team shared their thoughts about the equity crowdfunding campaign’s success:
“Today is the last day of the campaign and will certain get over 800 investors and, who knows, may be we hit the £1m target. We are very proud of the results. Thank you again for making it possible. From tomorrow we will just focus to make this venture a very successful one.”
As previously reported, Santamanía’s spirits are sold throughout Spain, 19 other European countries, in the Asia-Pacific regions (including Australia), Canada and South America. International expansion is part of the growth plan, and the company plans to create four small commercial branches to manage this corporate expansion. Funding will also be used toward a new double distillery space with a bigger cellar to increase production of brown spirits (such as rum), a new and larger Carl Copper Still for vodka and gin production to increase capacity up to 2.5m liters/year and a larger bottling line to increase efficiency and bottling capacity to meet expected demand.
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.
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