Cotswolds Distillery crowdfunding closes at £3mBy Melita Kiely
The Cotswolds Distillery has exceeded expectations and raised £3 million (US$4.02m) to build a new visitor centre and expand its business.
The whisky and gin producer originally aimed to raise £2m (US$2.7m) – a target that was met after one week of launching the crowdfunding venture on Crowdcube in May.
In addition to the new visitor centre at the distillery’s site in Stourton, England, the money will be invested in advertising and marketing, as well as expanding the distillery’s sales and distribution networks.
The Cotswolds Distillery will also be hiring a new chief financial officer (CFO) and chief marketing officer (CMO) in order to activate its growth and development plans.
Dan Szor, founder and CEO of the Cotswolds Distillery, said: “We are overwhelmed by the enthusiasm of our new investors and the belief they’ve shown in the distillery.
“The total raised will transform the business, but we’re equally delighted to have gained over a thousand new shareholders – their support will carry us through the next chapter in the company’s journey and we couldn’t be more excited for it.”