ELLC doubles crowdfunding target to £1.5m
East London Liquor Company (ELLC) has closed its crowdfunding campaign early, having raised £1.5 million (US$2m) in 30 days.
The spirits producer initially hoped to raise £750,000 but surpassed this target within 24 hours.
Alex Wolpert, founder of ELLC, said: “The response to our campaign has been overwhelming – we’re truly humbled by the support that we have received, with investments ranging from £10 right up to £175,000.
“The level of interest from the UK and global markets for our honestly-priced spirits and our straightforward approach since we began distilling in 2014 has been astounding, and we’re excited to put the funds raised to use to take the company to the next level.”
The £1.5 million raised will drive growth and expansion across several key areas.
ELLC hopes to quadruple English whisky production by 2020 and increase annual bottle sales to 592,000 by 2022.
The UK-based spirits producer also hopes to grow domestic sales, as well as those in emerging markets such as China.
Earlier this year, ELLC released 311 bottles of a barrel-aged gin, which has been matured in an ex-peated whisky barrel.