Update: East London Liquor Surpasses £1 Million First Week on Crowdcube

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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