Earlier this month UK crowdfunded Crowdcube blogged that £500 million had been pledged on the platform and has resulted in more than 700 successful raises, for startups to sizeable scale-ups including fintech unicorn Revolut, digital, mobile-only bank Monzo and the British multinational brewery BrewDog. Food and beverage campaigns continue to thrive on the platform, currently Tuk Tuk Chai and Monty’s Deli are overfunding, while new toothsome foodie campaigns Northern Bloc, The Cheese Bar & Truck, Ollybars, Kold Group, Cloven Hoof Rum, Redemption Brewing Company and Green Kitchen are gaining momentum.
Not one to bypass an ice cream or gelato campaign (or an opportunity for a favorite scoop), I noticed ice cream brand Northern Bloc launched a new equity crowdfunding campaign on Crowdcube to fund the expansion of its current business. They’ve grown since their first truck! The UK brand aims to raise £400,000 during its campaign and has already secured nearly half its goal lickity-split, scooping up more than £193,020 for 8.32% equity from nearly 80 investors in two days. The largest investment to date is £100,000. Good news for a startup launched in 2014 in Leeds with a pre-money valuation of £4,410,000.
Founded by Josh Lee and Dirk Mischendahl, Northern Bloc will use funding to develop manufacturing and storage capacity, improving sustainability and driving R&D into vegan, protein and low sugar varieties. The investment will also enable the team to spread the message of 100% natural ice cream to national and international customers. Northern Bloc reportedly tripled its sales from 2017 and is now looking to take its evolutionary ice cream approach worldwide with the help of its Crowdcube funding initiative.
“Dirk and I founded the company in summer 2014, starting off as a street food trader out of the back of an old Bedford van. We saw a gap in the market for using fresh ingredients in ice cream as it was an area that had been stagnant terms of innovation,” shared Co-founder Josh Lee. “We’re aiming to raise capital to help us grasp opportunities and kick on to a national level and beyond. Crowdcube will give us a range of investors across the UK and a group of people connect with the brand who can guide us.”
Embracing the disruptive food revolution taking place by seeking to making world class, natural ice cream, free from artificial ingredients and low in sugar with innovative flavour combinations, Northern Bloc ice cream is also suitable for vegetarians as well as gluten free, additive free, and egg free.
“On the rise of healthy eating trends and increased awareness of the impact our lifestyle choices have on both long-term health and the environment, Northern Bloc is challenging the status quo and standard base mix made from refined man-made products (including stabilizers and preservatives) to which artificial flavours and colourings are added,” indicated the startup. “At Northern Bloc they scientifically design each flavour and balance the ingredients. The recipes are made of natural vegetable fibres using pioneering molecular technology developed specifically by them.”
Currently in three ranges: Core – indulgent yet pure, Vegan – Vegan society registered, Little Bloc for Kids – made with no refined sugars, Northern Bloc anticipates a High Protein line coming soon. Northern Bloc is currently stocked in Ocado, Co-Op, Waitrose, Lord’s cricket ground, the National Theatre and Selfridges as well as at assorted sporting events, theatres and stores.
According to the campaign, Northern Bloc’s year end February 2018 turnover was ~£0.5m (EBITDA -£418K), with Q1 2018 turnover doubled year over year from £98K to £203K. Shareholder loans exist. For more detailed campaign and financial information, please click here. 28 days remain on the campaign.
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