Pinkster gin smashes crowdfunding target

20th May, 2016 by Amy Hopkins

In just six weeks, Pinkster gin has achieved 126% of its £600,000 crowdfunding goal on new equity platform Growthdeck and could hit £1 million by the end of its campaign.

Pinkster-Gin

UK brand Pinkster gin has smashed its crowdfunding goal

The pink gin brand, produced in Cambridge using fresh raspberries, launched its campaign on Growthdeck in April this year with the hope of expanding its UK on-trade presence and launching in international markets.

So far, a total of 56 investments have been pledged, with high net worth investments including sums of £175,000 and £150,000. Growthdeck offers company equity for a minimum of £1,000.

The campaign for Pinkster gin, owned by Ginmeister, has an upper limit of £1m.

“To be honest, we’re slightly blown away that we raised the finance in just six weeks,” said Stephen Marsh, founder and managing director of Pinkster.

“The overwhelming response from ‘ginvestors’ is a major vote of confidence for the gin category and a real vindication of both our business model and our quirky product.

“Thanks to the current gin revival, we’re growing fast with our turnover trebling over the last twelve months.  This finance allows us to scale up the business by investing in staff, marketing and production facilities.  If we reach our ceiling of £1 million, then all the better.”

Overseas expansion is a “priority” for Pinkster, which has recently signed a US distribution deal through its export arm, the British Bottle Company.

“We set out just a few short months ago to drive up standards in the UK crowdfunding industry, and the speed with which Pinkster has surpassed its funding target shows that investors are responding strongly,” commented Gary Robbins, co-founder of Growthdeck.

“We identified it as a company with huge potential for growth, not just because it is in a rapidly-expanding market, but because it is a well-run business that has already seen impressive growth in its turnover and distribution network.”

“We’re delighted that investors agree that a private equity-style approach, with real due diligence, exit plans, reporting and advisory, is what crowdfunding needs.”

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