Update: Salcombe Distilling Set to Close Seedrs Round With More Than £1.1 Million in Funding Secured

Salcombe Distilling Co., a UK-based luxury gin brand, is set to close its equity crowdfunding campaign on Seedrs with more than £1.1 million in funding secured. The campaign, which launched last month, quickly surpassed its initial £800,000 funding target. It has also attracted over 375 investors. 

As previously reported, Salcombe stated that it is aspiring to become the World’s No. 1 Luxury Gin Brand. The company further explained:

“Salcombe Distilling Co. produces Salcombe Gin; continuing Salcombe’s legacy of producing outstanding handcrafted products made with an unrivaled passion, care and attention to detail. Salcombe Gin ‘Start Point’​ is our multi award winning ‘London Dry Gin’​ which is exceptionally smooth, distinct and complex. It is distilled with 13 fine botanicals hand sourced from around the world, including fresh citrus peels from the historical trading routes once served by the famous Salcombe fruit schooners. on ‘Provident’​, which the company describes as a striking 450l copper pot still that stands proud behind glass doors within the distillery for all to view.”

Since its launch, Salcombe claims to have the following:

• One of the only distilleries in the world accessible by boat
• A range of internationally award-winning gins
• A leader in the hyper premium gin sector with the exclusive Voyager Series
• A popular Distillery Bar and Gin School

Funds from the Seedrs round will be used for the following:

• Product Development – 10%: Development and launch of new low alcohol gin to take full advantage of a growing opportunity in the marketplace
• Marketing – 20%: Launch advertising and promotional campaigns in the UK and U.S. to drive consumer pull through
• Sales Team Growth – 40%: Double our UK sales team and create an entirely new team ‘on the ground’ in the US
• Production & Operations – 30%: Acquisition of new additional distillation and manufacturing equipment to cope with increased demand, together with operating capital to support cashflow requirements in the initial years following this raise, as the company re-invest aggressively to drive growth.

Salcombe is currently offering 4.55% in equity at a £16,775,440 pre-money valuation, through the funding round. The campaign is set to close this weekend.