Pinkster raises £1.1m to capitalise on pink gin boomBy Owen Bellwood
Raspberry-infused gin Pinkster has raised £1.1 million (US$1.4m) in private finances to increase production and “fully capitalise” on the pink gin boom.
The Cambridge-based gin producer will utilise the funds to increase its sales reach, extend brand marketing and boost production.
Stephen Marsh, managing director of Pinkster, said: “This successful fundraise is a fitting close to a momentous year. The fact that we were able to raise a seven-figure sum through friends and family speaks volumes about the robustness of the business model, the strength of the product and the opportunities ahead.
“Backers include our directors, assorted employees, existing investors, and personal connections. All have bought into the fact that we’re a pink gin pioneer with a distinctly fruity USP.”
According to Marsh, 11% of on-trade gin stockists list a pink gin and 2.2 million people are now enjoying the colourful spirit.
“There’s clear headroom for growth,” he added.
In 2016, Pinkster launched its first crowdfunding campaign and raised £1 million, smashing its initial £600,000 crowdfunding target.
Earlier this year, the pink gin brand launched its Dos and Don’ts of Pink Gin campaign and also appointed former Diageo executive Martijn van Buuren as sales director.