Dairy-free ice cream brand Coconuts Naturally pitched their product on Dragon’s Den last year receiving two offers. Peter Jones called Coconuts Naturally the best ice cream he has tasted. Founder Cecily Mills turned them both down. Mills decided to pitch her product on Seedrs instead.
The Cornwall based company has listed a crowdfunding campaign to support company expansion. Quickly raising £100,000 in 48 hours – the initial goal, Coconuts Naturally has now raised over £150,000 in equity backed by 190 investors. The pre-money valuation has been set at £1.35 million.
The company reports that next month (March) their product will launch nationwide in a “leading UK supermarket”, stocked in more than 600 stores. The award-winning inning product wants to use the crowdfunded capital to expand across the UK and “beyond.”
Launched in 2015, Coconuts Naturally says it has achieved more than 100% sales growth every year in its first three years. A growing interest in non-dairy / vegan products has helped fuel this interest. The organic ice cream is made with coconut cream and unrefined coconut sugar. It contains no nuts, gluten or soya, and is accredited by the Soil Association and Vegan Society.
Coconuts Naturally predicts that it will sell £150,000 worth of ice cream by the end of their fiscal year. During the next fiscal year, the company expects top-line sales to hit £2.3 million (2019/20).
“Following my appearance on BBC Dragons’ Den and the incredibly difficult decision to turn down Jenny Campbell’s investment offer, the business has grown from strength to strength, with 2019 set to be our biggest year yet by far,” says Mills. “Securing this additional investment through crowdfunding will allow us to expand our team in order to fulfil our ambitious growth plans, while still remaining loyal to our roots.”
Mills says her goal is to become the “leading luxury dairy-free ice cream brand in the UK.”
“It’s such an exciting time for us, and the crowdfunding offers an opportunity for our customers to be a part of the journey.”
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