Matugga Distillery, a Scottish Rum distillery, has surpassed its £300,000 funding target on Crowdcube in just two weeks, according to a note from the firm.
Matugga Distillery is raising equity capital at a £1.252 million pre-money valuation. The offering which has captured 244 individual investors so far is EIS qualified. Matugga Distillery is said to be the UK’s first black female-owned distillery. Married entrepreneurs, the co-founders are Jacine Rutasikwa, MD and Ugandan-born Paul Rutasikwa.
The funding is said to enable the startup to fulfill the high demand for its product.
Rutasikwa is the Head distiller who previously worked on a sugarcane plantation in his native Uganda. Matugga will be a “Cane to Cask” producer.
Paul Rutasikwa explained that the African market is “buoyant” but craft drinks companies in the UK don’t see the opportunity.
“When it comes to export, UK companies immediately think of Asia and North America – but they are missing out on huge demand, appetite and spending power across African nations. We are fortunate to have the contacts, cultural affinity, family ties and product-market fit to be an early mover. We want to supply our unique, high-quality spirit to rum drinkers around the world, and to convert many new ones along the way.”
At the launch of the crowdfunding campaign, Jacine Rutasikwa pointed to the “systemic inequalities” facing black entrepreneurs as a “significant factor” in their decision to explore crowdfunding. She says the crowdfunding success is due to the fact they make great rum.
“We know our worth and we are focused. We make a product that is worth backing and we know that because of all the incredible feedback we get from customers. I hope our funding success will inspire other entrepreneurs from diverse backgrounds. Our love, our passion and our attention to detail shines through in everything we do. Not only do people get invested in our products, but they become invested in our story. People think what we’re doing is different, and there’s been incredible support and goodwill from our community,“ said Jacine Rutasikwa.
She added that they have faced huge challenges along the way, it hasn’t been easy so they are incredibly proud of what they have achieved, and they are grateful to everyone who has invested in Mattuga.
“The journey is far from over. Rum is on the up and there aren’t many other dedicated rum distilleries in the UK that you can invest in – there’s still time to become part of Matugga and help us take Scottish rum worldwide. When people think ‘rum’ we want them to think of Scotland alongside the World’s best.“
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