Vita Citric Spirit, a Spanish vodka brand, recently announced it is extending its equity crowdfunding round on Crowdcube. The company launched the campaign earlier this month and quickly secured its initial £130,000 funding target.
As previously reported, the company targets health and lifestyle-conscious drinkers that are keen to enjoy alcohol without the sugar, gluten, and additives prevalent in soft-drink mixers.
“Seeing this gap in the market, Vita’s young team – millennials themselves – became inspired to create a solution: a vodka-based on natural citruses from the Mediterranean that would taste delicious when mixed with water. There is a great opportunity in the global vodka market, capturing 1% market share would bring approx over $400 million.”
Vita also noted that following strong feedback from the Spanish and Mexican markets (2017 Q4 retail sales value over £40,000), the company launched in the UK, where the company states vodka consumption is 15 times higher than in Spain. InterBev will distribute Vita in the UK and drinks21 in Italy and France. While sharing details about the campaign’s extension, the Vita team stated:
“We’re so grateful for the astounding investor demand that’s pushed us to 140% of our original target. As we continue to receive more interest and investment every day, we’re happy to announce that Crowdcube has approved a slight extension to the duration of the campaign. Some of the investors we’ve been in discussions with will now be able to invest in this round. After several discussions with our advisors, we’re convinced that this extension and the extra funds will considerably increase VITA’s success. Building on the momentum, the incremental funds will be used to accelerate growth by investing in strategic marketing actions. We’re meeting with our expert advisors to carefully adjust the budget, making sure we’ll get the highest return on investment possible.”
All funds from the Crowdcube round will be used to continue the company’s focus on the UK market, expanding its distribution, investing in trade fairs and marketing, and developing new flavors.
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