Crowdcube investors have made it clear: they want their ice cream, and they want it natural, free from artificial ingredients and low in sugar with innovative flavor combinations. Northern Bloc is overfunding, just a week after launching their equity crowdfunding campaign on Crowdcube. At this writing, Northern Bloc has secured over £413,820 from more than 163 investors for (a recently increased) 8.58% equity, easily surpassing the ice cream startup’s £400,000 target goal.
“We are all stoked to have hit our target in the first week of our Crowdcube crowdfunding campaign. It really is such a fantastic response from a great crowd. I think the speed at which we have done it shows the belief from both investors and customers in our product and we are looking forward to putting in place all the expansion opportunities that this investment allows us as a company…. Investors have said to us that they are really excited to be engaging with the business plan and with the brand,” Northern Bloc Co-Founder Josh Lee told Crowdfund Insider via email. “We really are over the moon with the response so far and it has been good to keep the vision of where we want to be really clean.”
To recap, Northern Bloc has joined the disruptive food revolution and currently offers three ranges: Core – indulgent yet pure, Vegan – Vegan society registered, Little Bloc for Kids – made with no refined sugars. The startup indicated that it anticipates a High Protein line coming soon — perfect for shakes! 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, Northern Bloc indicated that despite overfunding, the current plan does not include franchise opportunities, although the team may consider opportunities for franchises sometime in the future.
“Again the most important thing is that we make sure whatever we do in our growth trajectory, we do it carefully and sustainably,” Northern Bloc commented on Crowdcube regarding growth. “We’d also like to share some great news with you. We’ve just taken our first order from OCADO who are now listing our vegan flavours. You’ll be able to grab a tub or two when you do your online shop from later this month!”
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.
“We all felt really confident about hitting our target in the time allocated and there are more exciting things to come,” added Lee. “Our vegan lines have just been listed in Ocado in the UK and it is brilliant to see the business move forward and there are more announcements coming in the near future.”
For more detailed campaign and financial information about Northern Bloc, please click here. Hungry for more ice cream campaigns? Click the following links to learn more about other ice cream or gelato campaigns. 23 days remain on Northern Bloc’s campaign.
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