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DJ-backed 808 Whisky hits crowdfunding target
TommyD-owned blended grain brand Scotch 808 Whisky has exceeded is £300,000 (US$389k) Seedrs crowdfunding target, investment it will use to drive international expansion.
The Seedrs crowdfunding drive went live on 2 May and is still active, with shares priced at 80p each and a minimum investment level of £10.
At the time of writing, 168 investors have backed the whisky, raising £346,602 (US$450k) in return for a 4.55% stake in the business.
An incentive scheme is in place that offers investor perks from early-bird event bookings for a £50 outlay, to opportunities to meet the founders for £5,000 or more.
Funds raised will enable the brand to widen its distribution network, with Asia and the US key targets.
Established in early 2016 by DJ and producer TommyD, entrepreneur Paul Pullinger, and whisky industry veteran Jonathan Driver, 808 Whisky has gained traction in the UK and Spanish whisky markets.
The brand, which is also backed by Warner Music UK CEO Max Lousada, former Red Bull chief Harry Drnec, ex North British Distillery CEO David Rae and DJ Pete Tong MBE, is now valued at £6 million (US$7.8m), and is forecast to have an annual turnover of £16m (US$20.8m) in the next four years.
“Whisky brings people together,” said TommyD. “It’s a sociable drink that inspires conversation. Like the best dance music it has warmth, bottom end, and a definite kick, the sub-bass of drinks. 8O8 is whisky but not as you know it. It’s whisky remixed!”
Tong commented: “I think one of the interesting things about 8O8 is that you’re getting people trying it that would never see themselves as whisky drinkers. With this whisky, once people start drinking it there is universal praise and appeal so I think there’s huge potential.”
Alex Chesterman OBE, founder of LoveFilm and Zoopla Property Group added: “The whisky landscape is changing rapidly and 8O8 is leading the way by championing a new generation of drinkers.
“8O8 is offering a great opportunity for whisky and music fans to engage with the product by investing in the company and help it bring its delicious drink to a wider market.”