UK-based premiere alcohol tea blend company Noveltea is now set to close its second equity crowdfunding on Crowdcube with more than £300,000 thanks to nearly 370 investors. The funding round, which was launched less than a year after Noveltea secured £217,800 through its first Crowdcube initiative, originally sought to raise £150,000.
As previously reported, NovelTea, which is named after eccentric tea tales, was launched in April 2017 by co-founders Vincent Efferoth and Lukas Passia. The company is on a mission to disrupt the alcohol industry with its alcoholic tea concept and it was inspired by tea stories from around the world. NovelTea currently has two flavors, The Tale of Tangier and The Tale of Earl Grey.
“Inspired by tea stories from around the world and named after eccentric tea tales, NOVELTEA comes in two distinct flavours; The Tale of Tangier and The Tale of Earl Grey. The Tale of Tangier is an infusion of Moroccan green mint tea with Caribbean rum to deliver hints of exotic fruit and floral citrus notes, whilst The Tale of Earl Grey infuses Earl Grey tea with British gin and hand-selected botanicals to deliver a distinctively smooth and rich taste. Both Tales are cold-brewed, vegan, free from any artificial colours, and manufactured in the UK. They can be served ice-cold on hot and sunny days but also warm in a classic tea cup during winter.”
Speaking about the investment rounds, Alan Balfour, Chairman of Tea Venture Limited, the company behind NovelTea, stated:
“In our first Crowdfunding campaign, we overfunded in 5 days and received investment from around 300 individuals. Less than a year later, we are on track to achieve revenue growth of 380% and are ahead of our cash-flow budgets. We are now taking on growth capital and will continue making sure that every penny is invested wisely.”
Dr. Alan Rutherford OBE, advisor of Tea Venture Limited then commented:
“NOVELTEA has such strong appeal because it offers disruptive innovation, bringing tea, the most widely consumed beverage in the entire world after water, to the alcoholic drinks market. That it in itself is not enough to guarantee success but it is when it is backed by its founders Vincent Efferoth and Lukas Passia.”
Funds from the latest Crowdcube campaign will be used to continue growth and expansion of NovelTea. The funding round is set to close tomorrow (August 13th).
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