Asterley Bros smashes £100k crowdfunding target

London-based producer Asterley Bros has closed its crowdfunding campaign after raising £143,000 (US$175,000) in 30 days – £43,000 (US$52,000) more than its initial target.

Asterley Bros produces its range of amaro and vermouth in London

Asterley Bros launched its Crowdcube campaign on 9 September. Initially hoping to raise £100,000 (US$122,000), the brand secured 50% of its goal in just 24 hours.

The funding will be used to upgrade facilities at the brand’s home, increase production capacity and to support the development of new products.

A portion of the funds will also be used to support sales and marketing, and to support export growth, helping the brand to reach a wider audience.

Rob Berry, founder of Asterley Bros, said: “The response we have had from the public has been fantastic – we’re truly humbled by the support that we have received.

“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 to help us take the brand to the next level, starting with Schofield’s Dry Vermouth, which we launched on Monday 30 September.”

Founded in 2014 by brothers Rob and Jim Berry, Asterley Bros’ products are currently available in the UK, Hong Kong and Singapore. The bran plans to expand into 20 new markets in the next five years.

The company, which is valued at £1 million (US$1.2m), forecasts 750,000 unit sales and £12m (US$15m) total sales revenue over the same period.