Less than one week after launching its equity crowdfunding campaign on Crowdcube, East London Liquor Company has successfully surpassed £1 million from more than 450 investors. The funding round has already gained popularity, with securing its initial £750,000 target within 24 hours.
As previously reported, East London Liquor Company created by entrepreneur and ex-bartender, Alex Wolpert. Over the three years since its launch in 2014, the company has sold 327,764 bottles of spirits in the UK, delivering £4.25 million in sales revenue. Wolpert shared:
“We have been overwhelmed by the level of interest from the UK and global markets for our honestly-priced spirits and our straightforward approach to distilling. Together, both established and emerging markets represent a massive opportunity for British brands. Brexit poses a challenge to our industry, but the funds raised through this campaign will help us to tear down these barriers.”
East London Liquor Company reported it is currently valued at £15 million and will build annual bottle sales to 46,000 9L cases (592,000 bottles) in 2022, delivering sales revenue of £9.8 million. The company’s Five-Year Plan forecasts a total of 1.8 million bottle sales over that period driven by 30% year-over-year growth. Total sales revenues for the five-year period will be £28.7 million. Speaking about the investment round achieving £1 million, the East London Liquor team stated:
“Once again, we’re blown away. Only two days after hitting our crowdfunding target, and we’ve passed the £1,000,000 mark: you guys are clearly big fans of us. We appreciate all the messages of encouragement and investment queries you’ve been sending to us – thank you! To ensure that we honour all ongoing discussions with potential investors, we have discussed and will be closing our Crowdcube campaign at £1.5m, so this is your last chance to invest.”
All funds from the Crowdcube round will be used to capitalize on global sales opportunities.
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