Asterley Bros grows crowdfunding goal to £150,000

Vermouth and amaro producer Asterley Bros has extended its crowdfunding target to £150,000 (US$186,800) after reaching its initial goal of £100,000 (US$123,000) ahead of schedule.

Asterley Bros has already reached its £100,000 crowdfunding goal, and hopes to secure an additional £50,000 worth of funds

Asterley Bros launched a Crowdcube campaign on 9 September, securing 50% of its £100,000 goal in just 24 hours.

The company will use the initial target funding to upgrade facilities and increase the company’s production capacity, as well as to support new product development.

Some of the money will also go towards supporting the firm’s sales and marketing in order to extend the brand’s reach. The additional funds raised will go towards supporting export growth.

Rob Berry, founder, said: “We have been overwhelmed by the response to our crowdfunding campaign. Sourcing opinion from our supporters has always been key to our development process through beta testing, and so turning to our fans to help us reach the next stage of our journey seemed the obvious choice – we’re delighted to welcome new members into our family.

“The aperitif category is undergoing a renaissance due in part to the Spritz effect and so now is the perfect time for us to expand our production and offering.”

Founded in 2014 by brothers Rob and Jim Berry, the company is valued at £1 million (US$1.2m) and its products – including amaro, vermouth and fernet – are currently available in the UK, Hong Kong and Singapore.

Asterley Bros’ five-year plan includes expansion into 20 new markets, such as China, Spain and the US. During this time, the firm forecasts 750,000 unit sales and £12m (US$15m) total sales revenue.

While announcing its crowdfunding effort, Asterley Bros also revealed it has recruited English bartender Joe Schofield as creative director.